KARACHI: The State Bank of Pakistan (SBP)on Monday advised banks to start process for import of 0.2 million tonnes of white sugar and also set some conditions for importers.

The SBP said only those who have permits from the Ministry of Commerce will be allowed to import sugar.

Advance payment up to 100 per cent of the value of letters of credit and contract would be allowed.

Banks will submit consolidated data of LCs issued and advance payments made to SBP on a daily basis, said the circular said.

Published in Dawn, September 1st, 2020