The State Bank of Pakistan has decided that export refinance will also be admissible under Export Finance Scheme-Finance for Export of Gold Jewellery for export of gemstones/precious and semi-precious stones on self-consignment basis.
In line with the facility extended to export of gold jewellery as per the procedure laid down in SBP BPD Circular No 12 dated April 07, 2003 in terms of which refinance for export of gold jewellery (embedded with or without precious/semi-precious stones) on self-consignment basis is admissible subject to adherence of the procedure as contained in Ministry of Commerce Notification SRO/266(I)2001 dated May 07, 2001.
The exporters shall be required to disclose value of gemstones duly authenticated by the Valuation Committee as constituted in terms of the said SRO and produce the same along with copy of contract/export order containing terms of payment and the schedule of shipment/date at the time of availment of refinance loan under the scheme. However, the exporters will be liable to invariably repatriate export proceeds through normal banking channel against export of gemstones within the permissible period of repatriation of export proceeds.