SBP allows more relaxations to exporters under EFS
07 August, 2012
KARACHI: State Bank of Pakistan (SBP) has allowed more relaxations to exporters under Part-II of the Export Finance Scheme (EFS).
KARACHI: State Bank of Pakistan (SBP) has allowed more relaxations to exporters under Part-II of the Export Finance Scheme (EFS).
To further facilitate exporters under EFS Part-II, the export proceeds realised up to August 31, 2012 shall be considered for entitlement of limit in the EE-1 statement for the year 2012-13,' according to IH and SMEFD circular letter number 12, August 6, 2012 to presidents/chief executives officers of all banks.
This relaxation is available only to the exporters having shortfall in required performance under EFS Part-II for the monitoring year 2011-12.
Further, limits sanctioned by banks under Part-II of the Scheme for FY 2011-12 to the exporters intending to avail the above facility shall continue up to October 31, 2012, to enable them to avail financing facilities under the Scheme pending submission of EE-1 statements for FY 2012-13, the circular letter said.To avail this relaxation such exporters should inform Refinance Unit of the respective SBP-BSC Office up to August 30, 2012
through their banks. The exporters foreseeing difficulty in meeting required exports targets in FY 2012-13, should avail realistic limits from banks in line with their potential to perform in order to avoid short performance fine next year, it added. State Bank vide its IH and SMEFD circular number 2 June 29, 2012 had also allowed additional two months to such exporters for matching performance requirement under EFS for the monitoring year of 2011-12.
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