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SBP advises banks to clear 40% of textile sector claims
May '11
The State Bank of Pakistan (SBP) has issued a circular advising the banks and development finance institutions (DFIs) to clear claims only to the extent of 40 percent, due to a fund crunch, under the schemes of Export Finance Mark-Up Rate Facility and Mark up Rate Support for textile sector against long term loans.

The settlement of claims up to 40 percent of the total subsidy would be only for second installment of mark-up subsidy for March-August, 2010.

The disbursing branches of banks/DFIs can seek reimbursement from the concerned offices of the SBP Banking Services Corporation (BSC) after submitting the prescribed claim forms along with an attested copy of Ministry of Textile Industry's Registration Certificate.

The SBP has decided to clear claims up to 40 percent in consultation with the Ministry of Textiles as the budgetary allocation released for making payment of second installment of mark up subsidy for the six months period was found to be insufficient to make full payment.

Fibre2fashion News Desk - India

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