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SBP makes certification must for R&D support to textiles

14
Feb '07
State Bank of Pakistan (SBP) has issued a directive to commercial banks, according to which certification is compulsory for them to avail six percent R&D support for textile goods, which were exported.

SBP declared that commercial banks must certify the fact that they have received payment for goods exported against bills and cargo receipts, prior to R&D claims being processed. Certificates must mention the bill and receipt numbers.

Otherwise, they should certify that export is made against an irrecoverable credit letter which states that goods can be shipped without cargo receipts. SBP has made it mandatory to submit a copy of carrier airway bill in the case of House Airway bills.


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