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Mechanism issued for sugar subsidy

Updated March 12, 2015

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The State Bank informed banks that ADs will forward the requests of sugar mills on prescribed format to FEOD. -Online/file
The State Bank informed banks that ADs will forward the requests of sugar mills on prescribed format to FEOD. -Online/file

KARACHI: The State Bank on Thursday issued the mechanism for authorised dealers (AD) to process cases of eligible sugar mills for cash subsidy against the export of sugar.

The SBP issued a circular to banks with instructions that ADs will forward the requests of sugar mills on prescribed format through their respective departmental/business/group heads to Foreign Exchange Operations Department (FEOD), SBP, Banking Services Corporation (BSC), Head Office, Karachi or Field Office of SBP, BSC for claiming subsidy allowed under Finance Division’s notification

Shipments made after 45 days of SBP approval or after May 15, 2015 will not be eligible for subsidy. Sugar exported to Afghanistan on price less than $450 per tonne will not be eligible for subsidy, the circular said.

It added that subsidy will be allowed only after full realisation of export proceeds against E-Form.

Sugar mills will approach through their AD claiming the subsidy within 90 days of full realisation of export proceeds. Incomplete requests will not be considered. Authorised dealers were advised to bring the same to the notice of all their constituents.

Published in Dawn March 12th , 2015

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