The federal cabinet’s Economic Coordination Committee after receiving clearance, the State Bank of Pakistan (SBP) has set new parameters for banks to follow in order to ease the export of 150,000 metric tons of sugar.
The Cabinet’s Economic Coordination Committee (ECC) has approved the export of 150,000 MT of sugar according to the restrictions outlined in Case No. ECC-116/12/2024, which was filed on June 13, 2024. In its judgment case No. 181/22/2024, dated June 25, 2024, the Federal Cabinet likewise affirmed the ECC’s ruling.The incorporated Office Memorandum (O.M.) F. No.1(6)/2022-23-CAO, dated June 26, 2024, from the Ministry of Industries and Production, is for the attention of Authorized Dealers (ADs).
As a result, ADs are encouraged to handle qualified applicants’ requests for “Export of Sugar,” provided the following requirements are met or submitted.
a.. ADs will get confirmation from the relevant Provincial Cane Commissioner regarding the quota allotment and retain a copy for their records.
b.. ADs will acquire an assurance from the exporters that the shipment will be dispatched no later than 45 days from the date of quota allotment.
c.. Based on a legitimate sales contract, ADs will guarantee 100% receipt of export proceeds in advance from the buyer overseas through the regular banking channel, prior to the shipping taking place.
d.. ADs shall, in accordance with the reporting format, submit weekly reports on sugar export transactions and shipment updates to the Director, FEOD, SBP-BSC, Head Office, Karachi at this address every Friday at 1700 HRS.
Considering the aforementioned, the previous guidelines outlined in EPD Circular Letter No. 06, dated January 30, 2023, regarding the subject matter under caption, are now obsolete.It is recommended that ADs inform all of their constituents about the aforementioned instructions and make sure they are strictly followed.
