NOTIFICATION NO. F.E. 3/2001-SB
In pursuance of Rule 3 of
the Foreign Exchange Rules, 1952 and all other powers enabling it in this
behalf under the Foreign Exchange Regulation Act, 1947 (VII of 1947) and in
supersession of the Notification No. F.E. 1/98-SB dated 8th June
1998, as amended from time to time, the State Bank of Pakistan is pleased to
notify as follows: -
1. A declaration required to be submitted under sub-section (1)
of Section 12 of the F.E.R. Act, 1947 (VII of 1947) shall be submitted by the
exporter:
a)
When
goods are exported otherwise than by post, to Collector of Customs;
b) When goods are exported by post, to the Post Master of the Post Office at which the goods are posted for export.
2. An amount representing the full export value of the goods shall be paid on the due date for payment as per terms of Sale Contract or within six months from the date of shipment or posting, as the case may be, whichever is earlier.
3. An amount representing the full export value of the goods
exported to any country shall be paid through an Authorized Dealer in Pakistan
either in U.S. Dollar or in any convertible foreign currency in which an
Authorized Dealer maintains accounts or in Pakistan rupees from a non-resident
bank account.
Sd-
( ISHRAT HUSAIN )
GOVERNOR
STATE BANK OF PAKISTAN KARACHI DATED: 28th SEPTEMBER 2001