March 22, 2007

SME&MFD Circular No. 2

The Presidents/ CEOs,
All Banks.

Dear Sirs /Madam,

Export Finance Scheme – non performance by the exporters –
Modification in the Procedure for refund of fine

In order to streamline the processing for refund of fines charged to exporters on account of their failure to meet the requirements under the Export Finance Scheme, a procedure was put in place and circulated by State Bank of Pakistan vide BPD Circular No.23 dated 31st August, 2002.2.

2. With a view to further streamline the procedure, certain modifications have been made which will reduce documentation to be submitted to the SBP for the purpose of consideration of requests for refund of fine. An updated copy of the procedure is attached herewith, for strict compliance by all concerned. All cases presently under consideration at the State Bank shall be processed as per the new procedure.

Please acknowledge receipt.

Encls (9 page)

 Yours faithfully,

(Qasim Nawaz)
Director