KARACHI, Oct 27: The State Bank on Thursday facilitated the garment industry by extending the time for submission of applications for 6 per cent research and development support.
The SBP issued a circular with instructions for all authorized dealers inviting their attention towards the amendment in the earlier circular regarding the research and development support.
“Certain amendments have been made in respect of applications by exporters for 6 per cent R&D support, in terms of which 30 days time for submission and re-submission of cases has been extended to 90 days and the requirement of Customs’ Certificate has also been withdrawn,” said the circular.
In order to facilitate exporters, all the applications originally submitted on or before September 30, 2005, i.e. within 90 days of the realization of export proceeds, but returned due to certain discrepancies, will be allowed to be re-submitted irrespective of the 90 days time limit and will be processed and paid by the SBP accordingly.
