KARACHI: The State Bank on Monday advised all authorised dealers in foreign exchange (banks) to send cases of sugar export to SBP.

Banks will forward requests of sugar mills, with a photocopy of an E form, copy of contract, L/C, advance payment, etc. for SBP approval.

While forwarding such requests, banks should also maintain record of each sugar mills to ensure compliance of maximum prescribed quota of 5,000 tons per sugar mill, said the SBP.

All requests should be addressed to Director, Exchange Policy Department, State Bank and the SBP will allow permission against each E-Form on first come first served basis.

Bank will send sugar export update to Director, Exchange Policy Department, State Bank of Pakistan, on weekly basis.

Applications received after April 15 will not be entertained, said a circular letter.

The government has allowed export of sugar with some terms and conditions, including that total 100,000 tons of sugar would be exported.

A quantity not in excess of 5,000 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 while the SBP will monitor export and no E-Form would be issued in excess of individual and cumulative ceilings mentioned above, said the circular.