KARACHI: The State Bank on Thursday advised all authorised dealers in foreign exchange (Banks) to process the cases of sugar export.
A circular in this regard was issued on Thursday to the heads and principal offices of all authorised dealers in foreign exchange operating in Pakistan.
Banks will forward the requests of sugar mills for approval of SBP. While forwarding such requests, banks should also maintain the record of each sugar mill to ensure compliance of maximum prescribed quota of 5,000 tons per sugar mill, said the SBP.
The SBP will allow permission against each E-Form on first come first served basis.
Banks will send sugar export update to Director, Exchange Policy Department, State Bank on daily basis.
The SBP said applications received after July 23, 2012 will not be entertained.
Recently the government has allowed export of sugar with some terms and conditions. A total 200,000 tons of sugar will be exported.
A quantity not in excess of 5000 tons will be allowed to be exported by individual sugar mills on first come first served basis.
The export will be made only against E-Form.
The State Bank will monitor the export and no E-Form will be issued in excess of individual and cumulative ceiling mentioned above.