KARACHI, Sept 11: The State Bank of Pakistan has decided that no fine for delayed shipment will be imposed on the exporters if qualified shipment(s) is made within 201 days from the date loan was availed.

According to BPD circular No. 24, issued here on Wednesday, under part-1 of the Export Finance Scheme (EFS), the SBP decided to give the relaxation to the exporters, who have availed pre-shipment finance and maturity of which fell on or after September 11, 2001.

Under the scheme if such exporter has shipped the goods with a maximum delay of 21 days from the due date of loan (i.e. after 180 days) will not be subjected to imposition of fine on account of delayed shipment. However, this relaxation will be admissible only to the cases matured up to June 30, 2002.

Under Part-II of the scheme, an additional period of 21 days has been allowed for the exporters having shortfall in required performance in the monitoring year 2001-02. Thus they may include eligible entries showing export proceeds realized up to July 21, 2002 in their EF-1 statement for the year 2001-02.

The exporter requiring to avail this relaxation will have to submit an additional EF-1 statement duly verified by the Exchange Policy Department through their bankers. Their entitlement of limit may also be worked out on the basis of such entries, if requested by the exporters concerned.

The additional EF-1 Statement will be submitted to the respective office of the Chief Manager, State Bank of Pakistan, SBP BSC (Bank) within one month from verification but not later than October 15, 2002.

The central bank further pointed out that the delinquency for non/delayed shipment for the period exceeding 21 days under Part-I and short performance even after including entries of export proceeds realized up to the extended period of 21 days under Part-II by the affected exporters, will continue to be dealt with in accordance with the procedure prescribed for refund of fine under the scheme already circulated to banks vide BPD Circular No.23 on August 31, 2002.

The central bank pointed out the reasons to give such relaxations stated that a large number of representations were made by the exporters, arguing that they were unable to fulfil their export orders as per respective schedule as a result of adverse global effects and other abnormal situations with specific reference to Pakistan in the past one year. The situation led to imposition of fines for violation under both parts of the EFS.—APP