September 12, 2006	Tuesday	Sha'aban 18, 1427

KARACHI, Sept 11: The State Bank has decided to extend the export finance facility for gemstones and precious and semi-precious stones. The central bank issued a circular on Monday saying that it had been decided that export refinance would also be admissible under the Export Finance Scheme (EFS) for export of gemstones, precious and semi precious stones on self consignment basis.

This financing would be in line with the facility extended to export of gold jewellery as per the procedure already explained earlier.

Further, the exporters would be required to disclose value of gemstones duly authenticated by the Valuation Committee.

The exporters would also be required to produce the copy of contract or export order containing terms of payment and the schedule of shipment, date at the time of availing the financing facility.

“The exporters will be liable to invariably repatriate export proceeds through normal banking channel against export of gemstones within the permissible period of repatriation of export proceeds,” said the SBP circular.