SBP unveils measures to resolve carpet exporters' issues

KARACHI: State Bank of Pakistan (SBP) has announced a plan to address the issues of carpet exporters under Export Finance Scheme (EFS) for the financial year 2016-17.

“Viewing the particular circumstances impacting exporters of carpets in meeting their required export performance, the relaxation had been granted in pre-shipment and extension in time limit,” read a circular issued by the SBP.

The bank has given a 90 days extension in shipment period for those loans, in which shipment was falling due in fiscal year 2016-17.

“In case of non-shipment, the fine already charged would be retained by the central bank till submission of their request,” the SBP added.

The exporters could get relief by submitting the request in loan cases where delayed shipment fine had been charged on shipments which were falling due during the fiscal year 2017. On the request, the amount of fine shall be refunded to the extent of delay by maximum three months, local media reported.

“An additional period of three months has been allowed to those carpet exporters who have had a shortfall in the required performance in the monitoring year 2016-17,” the State Bank added.