Deadline for submission of mark-up claims extended

30 Apr '10

1 min read

The deadline for claims submission under the mark-up rate facility and mark-up rate support has recently been extended by the State Bank of Pakistan (SBP) with a view of providing support to the textile exporters availing long-term loans.

May 21 is the extended deadline for submission of these claims, which was earlier fixed at April 23. The other instructions regarding this submission would be the same, informed the bank.

The central bank had decided, in the month of March, to facilitate the textile sector with cheaper capital under the Export Finance Scheme.

Furthermore, in consultation with the Textile Ministry, it had also announced a mechanism to provide mark-up rate facility, to the eligible borrowers from the textile sector, under the Export Finance Scheme.

The export finance mark-up rate facility, to the textile industry, would be admissible up to 2.5 percent per annum on the outstanding finance facility, and the maximum mark-up rate support would be admissible up to 5 percent per year or the difference in the mark-up rate between floating rate loan and Long-Term Financing Facility (LTFF) rate, whichever is the lower.

Fibre2fashion News Desk - India

More Textiles News - Pakistan...