Attention
of Authorized Dealers is invited to F.E. Circular No.17
dated the 28th September 2001.
2.
Consequent upon issuance of the Notification No. FE 3/2001-SB
dated the 28th September 2001, the para 6(a) of Chapter
XII of Foreign Exchange Manual (7th Edition-1992) regarding
“Method and Period of Payment” may henceforth
be read as follows:
“Full
export value of the goods exported from Pakistan and declared
to the Customs authorities should be received in an approved
manner, as embodied in the State Bank’s Notification
No. FE 3/2001-SB dated
the 28th September 2001, on the due date for payment or
within a period of 180 days from the date of shipment/posting
whichever is earlier, or within a period as may be prescribed
by the State Bank through specific or general permission,
through an Authorized Dealer either in convertible foreign
currency in which the Authorized Dealer maintains accounts
or in U.S dollar or in Pakistan Rupee from a non-resident
bank account. However, where the terms of sale/irrevocable
letter of credit provide for payment on 180 days usance/270
days usance in the case of Hand Knotted Carpets and from
the date of shipment/posting, it shall be permissible
for the exporter to repatriate the export proceeds within
195/285 days from the date of shipment/posting. Similarly,
in the case of exports to South American countries, Authorized
Dealers may certify Form ‘E’ if the letter
of credit provides for payment on 270 days sight/usance
from the date of shipment and the export proceeds may
be repatriated within 285 days from the date of shipment.
Prior approval of the State Bank should be obtained before
arranging for payment in any manner other than indicated
above.
3.
The format of Certificate of Authorized Dealer on Form
‘E’ (App V-13) is reproduced below duly amended:
CERTIFICATE
OF AUTHORIZED DEALER
Certified
that the above exporter(s) is/are known to us, that he/they
is/are bonafide businessman/businessmen in Pakistan and
that he/they has/have made arrangements with us for the
realization of the export proceeds, of the goods declared
on this form, on the due date for payment or within six
months from the date of shipment/posting, whichever is
earlier, in accordance with the State Bank’s Notification
No. FE 3/2001-SB dated the 28th September 2001and that
we are satisfied with said arrangements. We have also
satisfied ourselves about the bonafides of the importers/consignees
abroad and credentials etc.
*
We undertake to ensure that export proceeds against shipment
on firm contract shall be received by us on the due date
for payment or within six months from the date of shipment/posting,
whichever is earlier, in accordance with the State Bank’s
Notification No. FE 3/2001-SB dated the 28th September
2001. In the event of non-compliance due to reasons beyond
our control we shall furnish to the State Bank of Pakistan
a full explanation as to the reasons and circumstances
resulting in our inability to comply.
*
We undertake that in the event of non-realization of export
proceeds against shipment on consignment sale within the
stipulated period of six months, we shall obtain from
the exporter(s) and furnish to the State Bank of Pakistan
a full explanation as to the circumstances resulting in
non-realization. We further undertake that in the event
of short realization, we shall obtain from the exporters(s)
and furnish to the State Bank of Pakistan a fully documented
account sale certified by the consignees/Chamber of Commerce
of the country of import.
*
(Strike out the portion not applicable and authenticate
with initials)
Date…………………………
….. ……………………………
(Stamp and Signature of
Authorized Dealer)