25 June 2004	Friday	06 Jamadi-ul-Awwal 1425

KARACHI, June 24: Banks shall continue to avail export refinance from the State Bank and the SBP Banking Services Corporation against overall limits sanctioned in banks' favour for 2003-04, till finalization of new limits for 2004-05.

Limits sanctioned by banks to individual exporters under part-II of Export Finance Scheme for 2003-04 shall continue up to August 31, 2004 to enable exporters to avail financing facilities under the scheme.

The facility under part-II of the Export Finance Scheme is self-regulating. Exporters shall continue to foresee their export earnings during 2003-04, work out their own estimate as to the quantum of their entitlement for 2004-05 and should accordingly adjust their existing borrowings on or before end-June 2004 to avoid utilization of excess facilities under the scheme during the period of rollover.

Utilization of excess facilities during the period of rollover would be subject to fine. Each bank shall be under obligation to explain this requirement to the exporters who have been availing off part-II facilities from it. The circular says that the requests for fresh limit for 2004- 05 by each bank should be submitted to the SBP latest by July 15, 2004.