All Authorized Dealers
in Foreign Exchange.
Dear
Sirs,
DELIVERY
OF SHIPPING DOCUMENTS
Attention of Authorized Dealers is invited to the sub-paragraphs
(i) & (ii), para 11 of Chapter XII of Foreign Exchange
Manual (Eighth Edition-2002), which interalia, envisage
drawing of the export documents to the order of the bank
in importer’s country where goods have been exported
against advance payment or irrevocable letter of credit.
2.
For further facilitating exporters and foreign buyers the
instructions contained in the sub-paragraph (i) & (ii)
of para 11 ibid have been revised to cater for direct delivery
of shipping documents by the exporters. Accordingly, on
receipt of advance payment in full (100%) against the export
of goods from Pakistan, it shall be permissible for Authorized
Dealers to release the documents to the exporters for despatch
directly to their buyers/consignees. The following amendment
by way of addition has, therefore, been made in para 11
of Chapter XII of Foreign Exchange Manual (Eighth Edition-2002)
whereby the under noted para is added at the end of para
(i)(b) and (ii):-
“In
addition to the above, it shall also be permissible for
Authorized Dealers to release the export documents etc.
to the concerned exporter for despatch directly to the foreign
buyer in such cases where advance payment in full (100%)
has been realized from the consignee abroad against the
export of goods from Pakistan”.
3.
As a consequence, Authorized Dealers, while considering
requests under the given instructions, shall ensure that
the exporter concerned submits to them all the requisite
documents alongwith the copy of Form-E in due course for
the purposes of their record and reporting to Foreign Exchange
Operations Department, SBP Banking Services Corporation
as existing.
4.
Authorized Dealers are also advised to please bring the
above to the notice of their constituents.