KARACHI, June 24: Limits sanctioned by banks to individual exporters under Part-II of Export Finance Scheme (EFS) for 2007-08 have been allowed to continue up to August 31, 2008 to enable the exporters to avail financing facilities under the scheme.

The export refinance limits sanctioned in favour of banks for 2007-08 are due to expire on June 30, 2008.

Under the present system exporters are required to submit EE-1 statement for the year 2007-08 duly verified by the State Bank of Pakistan (SBP) foreign exchange operations department latest by August 31, 2008.

The banks would not be in a position to work out revised entitlement of limits for each exporter for availing the facility under Part-II of the scheme for 2008-09.

In order to ensure that the financing facility is available to exporters till finalisation of their new limits under Part-II the SBP decided to continue the scheme till the end of August.

The limits of banks as on June 30, 2008 under EFS, including Islamic Export Refinance Scheme (IERS), have been allowed to continue till the fixation of new limits for FY 2008-09.