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KARACHI, Sep 30 (APP):The State Bank of Pakistan (SBP) giving a go ahead for export of further 100,000 metric ton of sugar on Monday advised authorized foreign exchange dealers to process the requests in the regard.
The aspirant exporter, having quota allocated by respective Provincial Cane Commissioner and LCs issued, will ensure shipment of the consignment within 60 days of allocation of the quota.
The central bank, through an Exchange Policy Department’s circular letter, advised the authorized dealers to process the requests of eligible applicants for “Export of Further 100,000 MT of Sugar”, subject to submission/fulfillment of certain requirements.
The SBP referring to Ministry of Industries and Production’s Office Memorandum that mentioned ratification of the federal government to the Economic Coordination Committee’s (ECC’s) decision of allowing further sugar exports, advised the ADS to ensure fulfilment of certain conditions.
The ADs will obtain from the exporter proof of allocation of quota by the respective Provincial Cane Commissioner and keep a copy of the same in their record, and an undertaking that consignment would be shipped within 60 days of quota allocation.
For other destinations the export of sugar may be made against Letter of Credit, the circular letter stated and added “ADs will ensure 100% advance receipt of export proceeds through banking channels, in case of Afghanistan only”.
The central bank has also required the ADs to submit sugar export transactions and shipment updates to the relevant Director of SBP on weekly basis as per prescribed reporting format, inform all their constituents about the instructions and ensure meticulous compliance there against.