AGL 40.40 Increased By ▲ 0.20 (0.5%)
AIRLINK 129.25 Increased By ▲ 0.14 (0.11%)
BOP 6.81 Increased By ▲ 0.21 (3.18%)
CNERGY 4.13 Increased By ▲ 0.10 (2.48%)
DCL 8.73 Increased By ▲ 0.28 (3.31%)
DFML 41.40 Increased By ▲ 0.15 (0.36%)
DGKC 87.75 Increased By ▲ 0.75 (0.86%)
FCCL 33.85 Increased By ▲ 0.50 (1.5%)
FFBL 66.40 Increased By ▲ 0.50 (0.76%)
FFL 10.69 Increased By ▲ 0.15 (1.42%)
HUBC 113.51 Increased By ▲ 2.81 (2.54%)
HUMNL 15.65 Increased By ▲ 0.42 (2.76%)
KEL 4.87 Increased By ▲ 0.09 (1.88%)
KOSM 7.62 Decreased By ▼ -0.21 (-2.68%)
MLCF 43.10 Increased By ▲ 1.20 (2.86%)
NBP 61.50 Increased By ▲ 1.00 (1.65%)
OGDC 192.20 Increased By ▲ 9.40 (5.14%)
PAEL 27.05 Increased By ▲ 1.69 (6.66%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 150.50 Increased By ▲ 2.69 (1.82%)
PRL 24.96 Increased By ▲ 0.40 (1.63%)
PTC 16.25 Increased By ▲ 0.01 (0.06%)
SEARL 71.30 Increased By ▲ 0.80 (1.13%)
TELE 7.25 Decreased By ▼ -0.05 (-0.68%)
TOMCL 36.29 Decreased By ▼ -0.01 (-0.03%)
TPLP 8.05 Increased By ▲ 0.20 (2.55%)
TREET 16.30 Increased By ▲ 1.00 (6.54%)
TRG 51.56 Decreased By ▼ -0.14 (-0.27%)
UNITY 27.35 No Change ▼ 0.00 (0%)
WTL 1.27 Increased By ▲ 0.04 (3.25%)
BR100 9,967 Increased By 125.2 (1.27%)
BR30 30,751 Increased By 714.7 (2.38%)
KSE100 93,292 Increased By 771.2 (0.83%)
KSE30 29,017 Increased By 230.5 (0.8%)

The State Bank of Pakistan (SBP) has asked Authorized Dealers (ADs) to process the export of sugar cases as the federal government has allowed 0.3 million tons sugar to export. SBP has issued these directives following the Ministry of Commerce's Office Memorandum No 7(2)/2012-Exp.III dated July 21, 2017 regarding the sugar export in terms of which government has allowed sugar mills to export 300,000 metric tons sugar.
As per sugar export mechanism, ADs will forward the requests of sugar mills through their respective Departmental/ Business/Group Heads to the Director, Foreign Exchange Operations Department (FEOD), SBP-Banking Services Corporation (BSC) Head Office Karachi for approval.
Attested/authenticated copies of sugar export contract, Manual Form-E or print out of EFE request in case of electronically generated Form-E through WeBOC, Irrevocable L/C or advance payment voucher, swift message and reporting schedule/credit advice, will required for processing. FEOD will allocate sugar export quota to sugar mills on first come first served basis.
ADs will ensure receipt of a minimum 15 percent of total contract value as advance payment (evidenced by advance payment voucher, swift message and reporting schedule/credit advice) or obtain an irrevocable L/C from the buyer.
All exports including those destined for Afghanistan and Central Asian Republics will also be subject to receipt of export proceeds by wire transfer through banking channel. However, there will be no export subsidy/ cash support for the export.
According to SBP, In case of non-performance against the quota allocated by FEOD, ADs will obtain prior permission from FEOD, SBP-BSC Head Office Karachi for return of advance payment received there against from the importer.

Comments

Comments are closed.