Sunday, July 24, 2011

Export refinance scheme by State Bank of Pakistan(SBP) relaxed

 State Bank has allowed some relaxations in Export Finance Scheme EFS for the benefit of exporter community whose export proceeds are overdue.
Any such exporter shall be eligible to avail financing under EFS Part-I and/or Part-II, if his total  overdue export bills at the time of availing facility is not more than 5 per cent of previous year’s export performance,  SBP issues circular which reveals this, on Saturday.
If it  is greater than 5% of previous year’s exports, exporter will not be entitled to avail himself of this EFS facility till such time that overdue position is reduced to 5% benchmark level, circular says,  these instructions will  be applicable from October 01, 2011,  SBP tries to streamline procedure for availing finance under EFS by exporters who have overdue export proceeds.
It will be obligatory for exporters to give a Certificate on a prescribed Form showing consolidated position of overdue export bills outstanding against all bank(s) {as per record of Foreign Exchange Operations Department (FEOD)}, as a percentage of total exports of preceding    year finalized in EE-1 statements. Certificate will be submitted through the bank to concerned SBP BSC office on a 6 monthly basis by 31st March & September 30, each year, circular adds, the certificate will remain valid up to next six months. Process of submission of the certificate would commence from September 2011.
SBP has issued necessary guidelines to banks for processing requests of  the exporter with overdue export proceeds for availing finance under EFS. Any misreporting/ misstatement will be punishable with imposition of fine on bank/exporter at the rate prescribed under the Scheme, it says.
 SBP BSC office(s) shall verify  5% benchmark criteria laid down. In normal cases this practice shall be adopted twice a year before granting refinance.
The existing waiver for exporters with overdue export bills is being extended up to  30th Sep, 2011 to cover the period until the certificate is submitted by exporters for the first time, circular says.

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