Circulars/Notifications / Infrastructure, Housing & SME Finance Department  

 IH&SMEFD Circular Letter No. 05 of 2012
June 06, 2012 

The Presidents/CEOs/Country Managers,
All Banks,

Dear Sirs / Madam,

Export Finance Scheme-Non-Performance by the Exporters
Application for Refund of Fine

            Please refer to SMFED Circular No.5 dated December 26, 2008 on the captioned subject.

2.         With a view to bring more clarity and simplify the procedure of submission of refund of fine cases under above circular; a Standard Application Format for Refund of Fine has been prescribed. This will not only save time required for examining refund cases but also reduce load of documents being submitted by banks to State Bank of Pakistan (SBP). Therefore, banks are advised to submit their customers’ request for refund of fine/extension in performance period due to failure to meet required export performance under Export Finance Scheme on account of reasons beyond control on application form attached with this circular letter.

3.         Further, the information required as per Annexure-R attached to the circular referred above has been revised. The exporter(s) should submit all the documents as prescribed in the SMFED Circular No.5 dated December 26, 2008 to their bank while applying for waiver of fine/extension in shipment/performance period, whereas the bank will submit only those documents to SBP as specified in the Application for Refund of Fine. However, the banks are required to keep all relevant documents for record.

 4.        The standard Application Format for refund of fine and Revised Annexure-‘R’ are forwarded herewith, with the advice to circulate the same immediately to your branches and provide copy of the same to your exporters also. 

5.          Other instructions on the subject shall remain unchanged.  

Encl: As above

Yours Sincerely,

(Syed Samar Hasnain)

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