Please refer to SMEFD Circular No.06 dated March 09, 2009 read with SMEFD Circular No.15 dated October 31, 2009 on the above subject.

2. It has been clarified that the instructions contained in SMEFD Circular No.06 dated March 09, 2009 shall also be applicable on exporters who achieved excess performance under Islamic Export Refinance Scheme (IERS). The exporters who availed export refinance facility from more than one bank may submit their request for refund of mark-up rate benefit through any one bank to the respective SBP BSC (Bank), Office, supported by claim form duly authenticated/verified by each bank. Revised claim is also attached herewith.

3. It is further clarified that if an exporter is availing export refinance facility from more than one offices, he may not be deprived from refund of mark-up benefit provided that his consolidated borrowings as well as export performances fall under the instructions contained in the above circular. In such case(s), one SBP BSC (Bank), Office may furnish position of borrowings as well as export performances together-with claim form duly filled by bank(s)/exporter to other office of SBP BSC (Bank). The later office may work out the refund of mark-up rate benefit as per prescribed instructions. In case exporter’s claim for refund of mark-up benefit found in order, the said office may allow benefit of mark-up through respective bank(s) and also inform position to other office(s) to enable them to allow similar mark-up benefit to exporter through respective bank(s) who have availed financing facility from them. Moreover, refund claim of high performers will be considered within one year (i. e. upto June 30) from the close of performance period provided that exporter has no export overdue proceed at the time of submission of claim to SBP BSC (Bank), Office.

4. Other instructions on the subject shall remain unchanged.

Please acknowledge receipt.

Encl: As above