Attention
of Authorized Dealers is invited to EPD Circular Letter
No. 02/EPP.1 (51) -2014 dated April 17, 2014 regarding
above subject.
2.
In the light of Economic Coordination Committee (ECC)
of the Cabinet’s decision dated July 4, 2014
conveyed to State Bank of Pakistan by Ministry of
Commerce vide their Office Memorandum No. 7(2)/2012-E-III
dated July 11, 2014 (copy enclosed) following amendments
have been made in the above referred Circular Letter:
(i)
Sugar can be exported through sugar mills latest by
October 31, 2014.
(ii)
Shipment period for export of sugar has been extended
from 45 days to 90 days with retrospective effect
from 27th March, 2014. Accordingly, shipment period
for export of sugar shall be 90 days from the date
of issuance of SBP approval letter or by October 31,
2014 whichever comes earlier. Further, shipment period
of 45 days for the export of sugar on the basis of
the earlier SBP approvals issued in the light of the
above referred EPD Circular Letter shall also stand
extended to 90 days.
(iii)
The requirement for advance deposit has been reduced
from 25% to 15% with immediate effect. Accordingly,
sugar may be exported from now onwards against irrevocable
letter of credit or a contract with 15% non-refundable
advance payment to be forfeited in favor of Government
of Pakistan in case of non-performance.
3.
Other terms & conditions of the above mentioned
EPD Circular Letter shall remain unchanged.
4.
Authorized Dealers are advised to bring the same to
the notice of all their constituents.
Encl: As above