Exporters availing IERS also eligible for performance-based benefits: SBP
Business
Exporters availing IERS also eligible for performance-based benefits: SBP
The State Bank of Pakistan has said that benefits allowed to exporters on their export performance will also be applicable to those exporters who have achieved excess performance under Islamic Export Refinance Scheme (IERS).According to a Circular (SMEFD Circular Letter No 1) issued today, exporters who availed export refinance facility from more than one bank may submit their request for refund of mark-up rate benefit through any one bank to the respective SBP BSC (Bank), Office, supported by claim form duly authenticated/verified by each bank. The Circular said if an exporter is availing export refinance facility from more than one offices, he may not be deprived from refund of mark-up benefit provided that his consolidated borrowings as well as export performances fall under the instructions contained in SMEFD Circular No.06 dated March 09, 2009 read with SMEFD Circular No.15 dated October 31, 2009. It said in such case(s), one SBP BSC (Bank), Office may furnish position of borrowings as well as export performances together-with claim form duly filled by bank(s)/exporter to other office of SBP BSC (Bank) and added The later office may work out the refund of mark-up rate benefit as per prescribed instructions. In case exporter's claim for refund of mark-up benefit found in order, the said office may allow benefit of mark-up through respective bank(s) and also inform position to other office(s) to enable them to allow similar mark-up benefit to exporter through respective bank(s) who have availed financing facility from them. Moreover, refund claim of high performers will be considered within one year (i.e. up to June 30) from the close of performance period provided that exporter has no export overdue proceed at the time of submission of claim to SBP BSC (Bank), Office, says the Circular.
