KARACHI: The State Bank of Pakistan (SBP), through a circular, has introduced a new procedure for the authorised dealers to process cases of eligible sugar mills for cash subsidy against the export of sugar.
The SBP instructed the banks that the dealers would forward the requests of sugar mills on prescribed format through their respective departmental/business/group heads to Foreign Exchange Operations Department (FEOD), SBP, Banking Services Corporation (BSC), Head Office, Karachi or Field Office of SBP, BSC for claiming subsidy allowed under Finance Division’s notification
Shipments made after 45 days of SBP approval or after May 15, 2015 will not be eligible for subsidy. Sugar exported to Afghanistan on price less than $450 per tonne will not be eligible for subsidy, the circular said.
It added that subsidy will be allowed only after full realisation of export proceeds against E-Form.
Sugar mills will approach through their AD claiming the subsidy within 90 days of full realisation of export proceeds. Incomplete requests will not be considered. Authorised dealers were advised to bring the same to the notice of all their constituents.
