Karachi: The State Bank of Pakistan (SBP) has advised all Authorized Dealers in Foreign Exchange (Banks) to process the cases of sugar export as per the following mechanism:-
Banks will forward the requests of Sugar Mills along with photocopy of E-Form, copy of contract, L/C, advance payment, etc. for approval of SBP. While forwarding such requests banks should also maintain the record of each Sugar Mill to ensure compliance of maximum prescribed quota of 5,000 tons per Sugar Mill.
All requests should be addressed to Director, Exchange Policy Department, State Bank of Pakistan, I.I. Chundrigar Road, Karachi.
SBP will allow permission against each E-Form on first come first served basis.
Bank will send sugar export update to Director, Exchange Policy Department, State Bank of Pakistan, I.I. Chundrigar Road, Karachi on weekly basis.
Incomplete requests will not be considered.
Applications received after April 15, 2012 will not be entertained, says EPD Circular Letter No.03/EPP.1(51)-Sugar-2012 dated the 5th March, 2012.
It may be recalled that the Government of Pakistan has allowed export of sugar on the terms and conditions as mentioned below:-
i. 100,000 tons of sugar will be exported.
ii. A quantity not in excess of 5,000/- tons shall be allowed to be exported by individual sugar mills on first come first served basis.
iii. The export shall be made only against E-Form.
iv. The State Bank of Pakistan will monitor the export and no E-Form shall be issued in excess of individual and cumulative ceilings mentioned above.
For more information, contact:
State Bank of Pakistan (SBP)
Tel: +9221 3921 2562
Fax: +9221 3921 2563