The State Bank of Pakistan (SBP) has directed authorized dealers to process requests from eligible applicants for the export of 100,000 metric tons of sugar.
The regulator said this in a circular issued on September 30, 2024.
SBP said these requests should be approved based on the following:
- ADs will obtain proof of allocation of quota by the respective Provincial Cane Commissioner and keep a copy of the same in their record.
- ADs will obtain an undertaking from the exporters that the consignment would be shipped within 60 days of the allocation of quota by the respective Cane Commissioner.
- ADs will ensure 100% advance receipt of export proceeds through banking channels, in the case of Afghanistan only.
- For other destinations, the export of sugar may be made against a Letter of Credit (sight).
- ADs will submit sugar export transactions and shipment updates to the Director, FEOD, SBP-BSC, Head Office, Karachi on a weekly basis as per the enclosed reporting format (Annexure-A) at [email protected] every Friday at 1700 HRS.
ADs are advised to bring the above instructions to the knowledge of all their constituents and ensure meticulous compliance there against, SBP added.
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