KARACHI, Dec 29: The State Bank has introduced a voluntary contribution scheme to help earthquake victims and asked all banks to deduct $3 from each export proceeds.

The SBP in a circular on Thursday stated that after detailed discussions with the stakeholders, including the Export Promotion Bureau and the FPCCI, the central bank had decided to initiate a voluntary scheme for contribution to help the earthquake victims.

Effective from January 2, 2006 and up to and including December 31, 2006, an earthquake relief contribution of Rs180 (approximately $3) will be collected by authorized dealers out of the export proceeds received by them against each E-Form, at the time of realization of the export proceeds.

This deduction will be voluntary. Any exporter who does not wish to contribute may exercise the option in writing to his banker in this regard. The option can be exercised by the exporter at anytime during the year. The same will be applicable on the export proceeds realized after the date of exercising option.

The circular further said that in case of advance payments received against intended exports, the contribution of Rs180 would be collected by the authorized dealers at the time of certification of E-Form.

In case of partial realization against an E-Form, Rs180 will be deducted at the time of realization of the first tranche. And in case of one consolidated payment against two or more E-Forms, Rs180 will be deducted against each E-Form.

An authorized dealer who receives the export proceeds may deduct the earthquake relief contribution after converting the export proceeds in local currency. The amount so collected by the authorized dealer should be transferred and deposited with the SBP within three working days after the end of each month.

A monthly statement showing the amount so collected and deposited and the number of E-Forms against which the said amount has been collected will be submitted by the authorized dealer to the Exchange Policy Department of the State Bank.