F.E.
Circular No.16 of 2005 |
December
27, 2005 |
The Head/ Principal Offices of all
Authorized Dealers in Foreign Exchange
Dear
Sirs/Madam
Scheme
for Warehousing in Kenya – Facilitation to the Exporters
In order to encourage exports to Kenya through a Warehousing
Scheme, to be announced by the Export Promotion Bureau,
it has been decided to facilitate the exporters utilizing
EPB’s Warehousing Scheme in Kenya as under: -
-
Exporters
will be allowed enhancement in period for repartition
of export proceeds from existing 180 days to 270 days.
-
It
will be permissible for the exporters to reduce prices
on the unsold stock. General permission will be granted
up to a discount of 15%, if the goods are not sold.
Beyond this limit, SBP’s approval will be required
on a case-to-case basis.
-
Present retention percentage of 10% of FOB value of
goods realized in terms of para 32 (III) of Chapter
XII of FE Manual, would be enhanced to 25% in case of
export through the Warehousing Scheme.
Authorized Dealers are advised to bring the above to the
notice of their constituents.
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Yours
faithfully,
Sd/-
(Azhar
Kureshi)
Director
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