Staff Reporter
Karachi
State Bank of Pakistan (SBP) has advised banks and exporters to submit undertaking for true e-form under export finance scheme. According to a circular issued on July 01, 2020 the banks shall provide details of exporters including name and address, NTN. Besides, the banks will also provide number and amount of export proceeds.
Furthermore, both banks and exporters shall undertake that: In case of mismatch between the commodity and HS code provided, the entry will not be considered for performance/entitlement until rectified.
The contents of subject MS excel file titled [Bank Prefix-Exporter’s NTN-Serial Number] are correct and complied with relevant instructions of the EFS. The exports on usance basis reported in the above referred statement are against irrevocable letter(s) of credit which is/are eligible for negotiation and the usance bills in respect thereof have not been negotiated with a scheduled bank in Pakistan except those mentioned there against.
The statement does not include: Any export of commodities which do not qualify for export finance under the Scheme. Any export made under a Contract/LC against which they obtained export finance from any bank under Part-I of the Scheme (this clause is required in case of EF-1 Statements only). The SBP further said that through circular letter no. 12 dated June 26, 2020 wherein banks have been advised to get verified their EE-1/EF-1 statements and submit the same to concerned SBP-BSC offices.
As it is in the knowledge of banks that in order to streamline the process and ensure smooth execution of workflow, hard copy submission of EE-1/EF-1 Statements has already been dispensed with and only soft copies of EE-1/EF-1 statement on the excel format attached at Annexure-I shall be submitted by banks.