Karachi, State Bank of Pakistan SBP has allowed more relaxations to exporters under Part-II of Export Finance Scheme EFS.
To further facilitate exporters under EFS Part-II, export proceeds realized up to August 31, 2012 shall be considered for entitlement of limit in EE-1 statement for fiscal year 2012-13, said SBP circular letter issued Monday to Presidents, Chief Executives Officers CEOs of all banks. This relaxation is available only to exporters having shortfall in required performance under EFS Part-II for monitoring year 2011-12.
Further, limits sanctioned by banks under Part-II of Scheme for FY 2011-12 to exporters intending to avail above facility shall continue up to October 31, 2012, to enable them to avail financing facilities under Scheme pending submission of EE-1 statements for FY 2012-13, circular said, adding to avail this relaxation such exporters should inform Refinance Unit of respective SBP-BSC Office up to August 30, 2012 through their banks.
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. SBP vide its circular of June 29, 2012 had also allowed additional two months to such exporters for matching performance requirement under EFS for monitoring year of 2011-12.