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SBP extends export finance scheme till August

Jul '12
The State Bank of Pakistan has issued a notification allowing additional two months period for the exporters having shortfall in required performance under Part-II of Export Finance Scheme for the monitoring year 2011-12.
The decision was taken at the behest of Dr. Mirza Ikhtiar Baig, Federal Adviser on Textile and Chairman FPCCI Standing Committee on Exports, who urged Mr. Yaseen Anwar, Governor of SBP, to give a two-month relaxation to the textile exporters to achieve their required performance under the finance scheme in view of the problems of delay in meeting export orders due to heavy shortage of power.
The relaxation is, however, only for the purpose of allowing extended period, i.e. till August 31, 2012, for matching performance requirement and it should not be construed as an extension in export proceeds realization period as laid down under foreign exchange rules and regulations, the notification said.
It further said that those exporters who avail the benefit of two month extension in performance period will not be entitled to incentives based rebate of mark up for FY 2011-12.
Dr. Baig thanked the SBP Governor for relaxing the performance period under Part-II of Export Finance Scheme by two months and said it would bring major relief to the export-oriented textile sector of Pakistan.
He, however, urged textile exporters to not to hold back repatriation of their export proceeds, as doing so would negatively reflect on Pakistan’s balance of payment position.

Fibre2fashion News Desk - India

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