The Head/Principal Offices of all
Authorized Dealers in Foreign Exchange
Dear
Sirs/Madam,
Realization
of Overdue Export Proceeds
Attention
of Authorized Dealers is invited to provisions of Foreign
Exchange Regulation Act 1947 and State Bank’s rules
& regulations governing timely realization of export
proceeds as contained in various paras of Chapter XII of
FE Manual, 2002 (8th Edition) and amended from time to time.
It
has, however, been observed that despite State Bank’s
clear instructions, a substantial amount of export proceeds
are overdue which has been viewed seriously. Since, in terms
of related instructions and undertaking on ‘E’-
Forms, the Authorized Dealers are also bound to ensure repatriation
of export proceeds on due date, they are advised to immediately
launch campaign for realization of overdue export proceeds.
Authorized
Dealers are further advised to submit weekly progress report
in the matter to the Director, Foreign Exchange Operations
Department, SBP-BSC (Bank), Karachi.