The State Bank of Pakistan (SBP) has allowed more relaxations to exporters under Part-II of the Export Finance Scheme (EFS), the central bank said Monday. “To further facilitate exporters under EFS Part-II, the export proceeds realised up to August 31, 2012 shall be considered for entitlement of limit in the EE-1 statement for the year 2012-13,” said an SBP circular issued by the regulator to the banks. The relaxation, it said, was available only to the exporters having shortfall in required performance under EFS Part-II for the monitoring year 2011-12. Further, limits sanctioned by banks under Part-II of the scheme for FY 2011-12 to the exporters intending to avail the above facility shall continue up to October 31, 2012, to enable them to avail financing facilities under the scheme pending submission of EE-1 statements for FY 2012-13, the circular said. Adding that to avail this relaxation such exporters should inform Refinance Unit of the respective SBP-BSC Office up to August 30, 2012 through their banks. The exporters foreseeing difficulty in meeting required exports targets in FY 2012-13, should avail realistic limits from banks in line with their potential to perform in order to avoid short performance next year, it added.
