KARACHI – The State Bank of Pakistan (SBP) has advised banks, development finance institutions (DFIs) and microfinance banks (MFBs) to submit claims for second installment of the government’s mark-up rate subsidy under Fiscal Relief Package (FRP).
The FRP is a government facility provided to augment eligible sectors other than the textile industry in war-torn Khyber Pakhtunkhwa and federally and provincially administered tribal areas of the country. According to a Circular (SMEFD Circular Letter No 3) issued on Friday, the Ministry of Finance has advised to release the second installment of the subsidy under the scheme for the period from July 1, 2010 to December 31, 2010 to eligible beneficiaries.
It is pertinent to mention that the State Bank had already advised banks and DFIs to submit claims for second installment for the beneficiaries of textile sector through a circular on January 15. According to the circular, under the modus operandi of the scheme the rate of mark up differential for second installment, for six months ending on 31 December, 2010, has been determined to be 5.32 percent.
Banks and DFIs have been advised to submit duly completed claims at SBP-BSC (Bank), Peshawar for reimbursement for the period at the latest by February 28.
