Export Finance Mark-Up Rate Facility
Thursday, September 3, 2009
In pursuance of entry 7 of item 29A of Schedule II to the Rules of the Business, 1973, the Federal Government, is pleased to make the following Order that shall come into force from September 01, 2009.
a) Effective 1st September 2009 the Federal Government shall provide mark-up rate support of 2.5% to the exporters of Textile Industry on outstanding balances of principal amount of loans availed by the industry from commercial banks for export of eligible commodities under State Bank’s Export Finance Scheme (EFS).
b) The facility shall be administered by the commercial banks or DFIs. They will make the payment to the extent of mark-up rate support on the outstanding balance of EFS loans availed by the borrower of textiles sector and claim reimbursement from SBP.
c) It shall be paid by the commercial banks on six month basis in March and September each year subject to the release of necessary budgetary allocation by the Federal Government for relevant fiscal year.
d) The State Bank of Pakistan (SBP) shall reimburse the amount of mark-up rate support to commercial banks by debit to the appropriate Federal Government account to be intimated by Finance Division.
e) The units eligible for the facility shall furnish on line information to the Ministry of Textile Industry in the manner specified in Annexure I to this Order. Hard copy of the same will be submitted to the Ministry of Textile Industry after verification by the textiles associations concerned.
f) The units so registered will be provided with Special Identification Numbers to be used in all future communications will be eligible for the facility.
g) The registered units shall furnish data and any information related to the unit’s operations, domestic sales, accounts and exports as and when required by the Ministry of Textile Industry.
a) Effective 1st September 2009 the Federal Government shall provide mark-up rate support of 2.5% to the exporters of Textile Industry on outstanding balances of principal amount of loans availed by the industry from commercial banks for export of eligible commodities under State Bank’s Export Finance Scheme (EFS).
b) The facility shall be administered by the commercial banks or DFIs. They will make the payment to the extent of mark-up rate support on the outstanding balance of EFS loans availed by the borrower of textiles sector and claim reimbursement from SBP.
c) It shall be paid by the commercial banks on six month basis in March and September each year subject to the release of necessary budgetary allocation by the Federal Government for relevant fiscal year.
d) The State Bank of Pakistan (SBP) shall reimburse the amount of mark-up rate support to commercial banks by debit to the appropriate Federal Government account to be intimated by Finance Division.
e) The units eligible for the facility shall furnish on line information to the Ministry of Textile Industry in the manner specified in Annexure I to this Order. Hard copy of the same will be submitted to the Ministry of Textile Industry after verification by the textiles associations concerned.
f) The units so registered will be provided with Special Identification Numbers to be used in all future communications will be eligible for the facility.
g) The registered units shall furnish data and any information related to the unit’s operations, domestic sales, accounts and exports as and when required by the Ministry of Textile Industry.
Labels: Export Finance Scheme, LTFF, SBP, Textile
posted @ 1:14 PM,
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