Islamabad, Oct 1: SBP Sugar Import: Dealers Instructed on 100,000 MT
The State Bank of Pakistan (SBP) has instructed authorized dealers to process requests from eligible applicants for the export of 100,000 metric tons of sugar, as stated in a circular issued on September 30, 2024. Authorized dealers (ADs) are required to obtain proof of quota allocation from the relevant Provincial Cane Commissioner and maintain a copy for their records.
Additionally, ADs must secure an undertaking from exporters that the sugar consignment will be shipped within 60 days of the quota allocation by the Cane Commissioner.
SBP Sugar Import or exports to Afghanistan, ADs must ensure that 100% of the export proceeds are received in advance through banking channels. For other destinations, exports can be conducted against a sight Letter of Credit.
The SBP referring to Ministry of Industries and Production’s Office Memorandum that mentioned ratification of the federal government to the Economic Coordination Committee’s (ECC’s) decision of allowing further sugar exports, advised the ADS to ensure fulfilment of certain conditions.
ADs are also required to report sugar export transactions and shipment updates to the Director of the Foreign Exchange Operations Department (FEOD) at SBP-BSC, Head Office, Karachi, on a weekly basis. These updates should follow the enclosed reporting format (Annexure-A) and be sent to sugar.epd@sbp.org.pk every Friday by 1700 HRS.
The SBP has advised ADs to inform all their constituents about these instructions and ensure strict compliance.
