KARACHI - The 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 realized up to August 31, 2012 shall be considered for entitlement of limit in the EE-1 statement for the year 2012-13,” says IH & SMEFD Circular Letter No. 12 of August 06 issued to the Presidents/Chief Executives Officers (CEOs) 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, adding that 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.
It may be pointed out that the State Bank vide its IH & SMEFD Circular No. 02 dated 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.