SBP issues mechanism for subsidy against sugar export

Karachi: In terms of the cash subsidy announced by the Federal Government against export of sugar, State Bank has issued the mechanism for Authorized Dealers (ADs) to process cases of eligible sugar mills for cash subsidy against the export of sugar.

According to EPD Circular Letter No.05 issued today, 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 / authenticated copies of the prescribed documents.

Shipments made after 45 days of SBP approval or after May 15, 2015 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 realization 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 realization of export proceeds. Incomplete requests shall not be considered. Authorized Dealers are advised to bring the same to the notice of all their constituents.

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