In light of the problems faced by the export sector as a result of the COVID-19 Pandemic, the State Bank of Pakistan (SBP) declared additional relief measures for exporters.
For those part-one loans for which shipment has fallen due from January to 30 June 2020, a six-month extension was permitted during the shipping time.
In the case that the fine is not issued on or after 1 January 2020, SBP BSC’s offices shall retain the fine already paid until, for the duration of six months, they submit Annexure F (the appeal form used to recover the non-shipment fine).
Moreover, the same shall be refunded in situations where the late shipping fees have been paid for the shipping that has already come due on 1 January 2020.
The exporters currently in receipt of subsidized loans pursuant to Section II of the Export Financing Scheme (EFS) shall demonstrate at least two times a corresponding export production against the daily average value of the financing received during FY2019-20.
Additionally, the exporters have been given an additional 6-month period to fulfill the export output needed against EFS / IERS-II financing for the FY 2019-20 monitoring period.
Accordingly, the export output for FJ 2019-20 is permitted to include qualifying entries that display shipments and export procedures up to 31st December 2020. This long-term export success is also listed for the FY 2020-21 cap eligibility.
By 180 days earlier the SBP extended the time for export payments to 270 days. Importers can import at advance payments within 210 days compared with 120 days previously.
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02 April, 2020