Payment of Mark-up Support for Textile Sector: SBP asks banks/DFIs to lodge claims

State Bank of Pakistan (SBP) has directed the banks/DFIs to lodge claims for Mark up Support for Textile Sector against Long Term Loans for the six months period from September 2011 to February 2012. Under the scheme, Ministry of Textile Industry (MINTEX) supports in extent of 5 percent or the difference in mark-up rate between floating rate loan and LTF rate, which is lower.
The subsidy paid by the commercial banks/DFIs on six months basis in March and September each year subject to release of necessary budgetary allocation by the federal government. According to SBP, MINTEX has released funds to make payments Mark-up Rate Support for Textile Sector against Long Term Loans. Accordingly, the banks/DFIs may lodge claims for Markup Support under the scheme, for the six months period (from 01-09-2011 to 28-02-2012), keeping in view the terms & conditions of Scheme.
Duly completed claims as per formats, may be lodged with the SBP-BSC (Bank) offices up-to March 31, 2015. "Each claim should invariably be accompanied with a duly attested copy of valid registration certificate of MINTEX. In order to facilitate the banks, the list of units registered with MINTEX is available on website. The banks can use this facility to check the authenticity of the certificate as well as their expiry date," SBP concluded.