The central bank Friday asked the authorized dealers for sugar exports to comply with the Ministry of Commerce’s public notice in which it set the terms and conditions for export of the commodity. The said notice said in pursuance of the Economic Coordínatien Committee (ECC) of the Cabinet’s decision, the export of sugar is hereby allowed subject to the following conditions:
200,000 tons of sugar will be exported in addition to left-over quota of already approved export. A quantity not in excess of 10,000 tons shall be allowed to be exported by individual sugar mills.
The export shall be made only against “E” form. The State Bank of Pakistan will monitor the sugar exports and no form “E” shall be issued in excess of any individual mill quota and cumulative ceiling mentioned above.
Accordingly, the authorized dealers are advised to process the cases as per following mechanism:-The banks will forward the requests of sugar mills along with photocopy of E-Form, copy of contract, L/C, advance payment, etc. for approval of SBP. While forwarding such requests banks should also maintain the record of each sugar mill to ensure compliance of maximum prescribed quota of 10,000 tons per sugar mill.
All requests should be addressed to the Director, Exchange Policy Department, State Bank of Pakistan. The SBP will allow permission against each E-Form on first come first served basis. The bank will send sugar export update to the Director, Exchange Policy Department State Bank on daily basis. Incomplete requests would not be considered. The authorized dealers are advised to bring the same to the notice of all their constituents.
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