Payment against Import of POL Products
Attention
of the Authorized Dealers is invited to FE Circular No.
02 dated 15th January 2009 in terms of which SBP instructed
banks to make all purchases of foreign exchange related
to the import of Furnace Oil and remittances which were
made on “Form M” against which specific approvals
are granted by the Exchange Policy Department.
It
has now been decided that with effect from 1st August, 2009,
in addition to the above, all purchases of foreign exchange
related to import of Diesel and other refined products shall
be made by the banks from the interbank market.
State
Bank will, however, continue to provide foreign exchange
to the banks for import of Crude Oil only.
Authorized
Dealers are advised to bring the above to the notice of
their constituents.