February 25, 2003	Tuesday	Zul Hijjah 23, 1423

KARACHI, Feb 24: The State Bank has told all commercial banks that refinance facility may be allowed against export of henna powder under the export finance scheme.

“It is clarified that export refinance facility may be allowed against export of henna powder,” says an SBP circular issued on Monday.

This means that manufacturers of henna powder may secure concessional finance from the banks to export their products. Banks would get refinance from the SBP.

The circular is attached with a list of the commodities that are not eligible for export finance under the State Bank scheme.

The list includes such items as (1) raw cotton (2) yarn (3) mutton and beef other than frozen and preserved (4) petroleum products except for motor spirit, petroleum jelly and paraffin wax (5) crude vegetable materials except for rose buds/flowers, guar gum extract, guar protein and henna powder (6) wool and animal hair except for wool tops (7) crude animal materials except for animal casings and bones etc.

The list goes on but bankers say there is nothing new in

it and that the old list has been reproduced for their convenience.