The
Presidents/CEOs,
All Banks.
Dear
Sirs / Madam,
Export
Finance Scheme – non performance by the exporters
–
Modification in the Procedure for refund of fine
In
order to streamline the processing for refund of fines charged
to exporters on account of their failure to meet the requirements
under the Export Finance Scheme, a procedure was put in
place and circulated by State Bank of Pakistan vide BPD
Circular No.23 dated 31st August, 2002.
2.
With a view to further streamline the procedure, certain
modifications have been made which will reduce documentation
to be submitted to the SBP for the purpose of consideration
of requests for refund of fine. An updated copy of the procedure
is attached herewith, for strict compliance by all concerned.
All cases presently under consideration at the State Bank
shall be processed as per the new procedure.
Please
acknowledge receipt.
Encl: