SBP outlines mechanism for sugar exporters

Monday, March 5th, 2012 9:55:21 by

SBP outlines mechanism for sugar exporters

Karachi: (Monday, March 05, 2012) The State Bank of Pakistan, while outlining a comprehensive mechanism for all authorized dealers in foreign exchange for the export of sugar, has made filling and submitting the E-Form as a mandatory
requirement for sugar mills.

According to the details, banks will forward the requests on behalf of sugar mills along with the photocopies of E-Form, letter of comfort (L/C), copy of contract and advance payments for approval from the state bank.

In order to ensure that no sugar mill exceeds the export limit of 5000 tons, besides the above mentioned information, the back will also maintain other relevant record of the sugar mills.

Provided that clearly laid terms and conditions by govt. of Pakistan are met, the sugar producers can export up to 100,000 tons of sugar this year.

According to the news, the outlined mechanism requires of the export applications to be addressed to the Director, Exchange Policy Department, State Bank of Pakistan, I.I Chundrigar Road, Karachi.

The decisions at SBP to grant permission for exporting sugar at each E-Farm will be made on first come first served basis.

According to the instructions received by the EPD Circular Letter No.03/EPP.1(51)-Sugar-2012 dated the 5th March, 2012, applications arriving after April 15, 2012 will not be entertained.

Stressing on the compliance of the clearly laid down mechanism, the State Bank of Pakistan has mentioned that exports shall only be allowed against the E-Form.

The E-Forms will help the SBP in monitoring the export as no E-Form will be issued to the individuals exceeding the accumulative ceilings mentioned above.

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Short URL: https://www.newspakistan.pk/?p=14704

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