Karachi, State Bank of Pakistan SBP allowed additional two months for exporters having shortfall in required performance under Part-II of Export Finance Scheme for monitoring year of 2011-12. This decision has been taken to address exporters problems of delay in meeting export orders due to heavy shortage of power.
This relaxation is only for purpose of allowing extended period (i.e. till August 31, 2012) for matching performance requirement and in no way be construed as an extension in export proceeds realization period as laid down under foreign exchange rules and regulations.
Accordingly, they (such exporters) may include entries showing realization of export proceeds during July and August, 2012 in their EF-1 statement for year 2011-12. However, exporters having met performance requirements of Scheme shall submit EF-1 statement for purpose of verification to Foreign Exchange Operations Department (FEOD) of SBP Banking Services Corporation during July-August, 2012 as usual, says SBP circular issued on Friday to Presidents, CEOs of all banks.
Further, those exporters who avail extension benefit in performance period, shall not be allowed to avail benefit of incentives-based rebate of mark up (under SBP SMEFD circular No. 6 of 2009) for year FY 2011-12.