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SBP issues mechanism for subsidy against sugar export

12:12 AM | 12 Mar, 2015
SBP issues mechanism for subsidy against sugar export
KARACHI (APP) - The State Bank of Pakistan (SBP) has issued the mechanism for Authorised Dealers (ADs) to process cases of eligible sugar mills for cash subsidy against the export of sugar.

According to a SBP Circular issued here on Wednesday, ADs will forward the requests of sugar mills on prescribed format through their respective Departmental/Business/Group Heads to Foreign Exchange Operations Department (FEOD), SBP, Banking Services Corporation (BSC), Head Office, Karachi or Field Office of SBP, BSC, as the case may be,for claiming subsidy allowed under Finance Division's notification quoting the reference of this circular letter along with the attested copies of the prescribed documents.

Shipments made after 45 days of SBP approval or after May 15,will not be eligible for subsidy.
Sugar exported to Afghanistan on price less than USD 450 per MT will not be eligible for subsidy.

Subsidy will be allowed only after full realisation of export proceeds against E-Form. Sugar mills will approach FEOD, SBP-BSC or respective field office of SBP-BSC, as the case may be, through their AD claiming the subsidy within 90 days of full realisation of export proceeds. Incomplete requests shall not be considered.
athorised dealers are advised to bring the same to the notice of all their constituents.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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PKR rate against US Dollar, Euro, Pound, Riyal - Check 16 April forex rates

Pakistani currency gains momentum against all currencies on April 16, 2024 Tuesday. US dollar was being quoted at 277.9 for buying and 280.85 for selling.

Euro was quoted at 295 for buying and 298 for selling while British Pound stands at 345 for buying, and 349 for selling.

UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 15 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.9 280.85
Euro EUR 295 298
UK Pound Sterling GBP 345 349
U.A.E Dirham AED 75.45 76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 182.7 184.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 204 206.2
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.91 912.91
Malaysian Ringgit MYR 58.92 59.52
New Zealand Dollar NZD 167.63 169.63
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.35 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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