June 21, 2008	Saturday	Jamadi-us-Sani 16, 1429

KARACHI, June 20: The State Bank of Pakistan (SBP) has decided to provide the following relief in respect of refinance availed by exporters under the export finance scheme for fiscal year 2007-08 to address the problems facing the exporters.

The exporter, who availed pre-shipment finance during 2007-08 and could not ship goods within a maximum period of 180 days, would be allowed a grace period of 15 days.

In other words, there would be no fine for delayed shipment if qualified shipment is made within 195 days from the availing of loan.

An additional period of one month has been allowed for exporters having shortfall in required performance under Part-II for the monetary year 2007-08.

Accordingly, they may include entries showing realisation of export proceeds during July 2008 in their EF-l statement for 2007-08.

The exporter having met the performance requirements of the scheme would have to submit EF-I statement for verification to FEOD during July-August 2008 as usual.

The central bank had received representations from chambers/exporters that heavy loadshedding has adversely affected their production and as a result some of exporters could not ship export consignments in time or realise export proceeds within fiscal year 2007-08.

The extension does not affect existing period of loan and all finances/refinances would continue to be adjusted at the expiry of 180 days under both parts of the scheme as per normal procedure. Other instructions would remain unchanged.—APP