Exporters get two months to improve performance
KARACHI: The State Bank has allowed an additional two months for exporters having shortfall in required performance under Part-II of the Export Finance Scheme for the monitoring year of 2011-12.
The bank said that the decision had been taken to address the delay in meeting the export orders due to heavy shortage of power.
This relaxation is only for allowing extended period (ie till August 31, 2012) for matching performance requirement and in no way be construed as an extension in export proceeds realisation period, said the SBP.
Accordingly, such exporters may include entries showing realisation of export proceeds during July and August, 2012 in their statement for the year 2011-12.
However, exporters having met the performance requirements of the scheme would submit statement for verification to Foreign Exchange Operations Department (FEOD) of the SBP Banking Services Corporation during July-August, 2012 as usual, said a circular issued by the Bank on Friday.
Those exporters who avail extension benefit in performance period would not be allowed to avail benefit of incentives-based rebate of mark-up for the year FY 2011-12, said the circular.