KARACHI: State Bank of Pakistan (SBP) has advised the authorised dealers (ADs) to abide by Ministry of National Food Security and Research (MNFSR) rules notified for the export of wheat and wheat flour and payment of subsidy on this account.
The ADs' attention has been drawn to the notification No.F. 1-9/2013-DFSC-II/wheat procurement dated February 13, 2015 and Finance Division (FD)'s notification No.1(4) CF-C/2014-112 dated February 16, 2015 regarding this subject.
According to these notifications, Government of Pakistan has allowed export of wheat/ wheat flour (Aata) and payment of subsidy as per the terms and conditions mentioned therein, said a SBP circular issued here on Thursday.
Accordingly, ADs are suggested to process the cases of eligible exporters for subsidy claims against export of wheat/ wheat flour (Aata) as per following mechanism/conditions: a) ADs will forward the requests of wheat exporters on prescribed format (Annexure-I) through their Departmental/ Business/ Group Heads to The Director, Foreign Exchange Operations Department (FEOD), SBP, Banking Services Corporation (BSC), Head Office, Karachi or The Chief Manager, Field Office of SBP, BSC, as the case may be, for claiming subsidy allowed vide MNFSR/FD's above notifications, quoting the reference of this circular letter along with the attested / authenticated copies of the following documents:
i. Letter from Food Department of respective Provincial Government confirming procurement of specific quantity of wheat/ wheat flour (Aata) by the exporter in terms of MNFSR/FD's above notifications. ii. E-form.
iii. Goods Declaration Form (GD).
iv. Bill of Lading/ Truck Receipt/ Railway Receipt. In case export has been done through House Bill of Lading, it must be accompanied by relevant Master Bill of Lading. v. Commercial / Customs Invoice.
vi. Export Proceeds Realisation Certificate / Advance Payment Voucher.
b) Wheat/ wheat flour (Aata) must be procured and lifted latest by March 31, 2015 for Sindh Province and by April 15, 2015 for Punjab Province.
The export should take place within 30 days of the respective lifting date to be eligible for the subsidy.
c) Subsidy will be allowed only after full realisation of export proceeds against E-Form.
d) Exporters exporting wheat/ wheat flour (Aata) under above notification 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 or within 90 days from the date of shipment if export is made against 100% advance payment. No claims will be entertained after aforementioned time period.
e) The SBP-BSC will scrutinise the claims within 30 days of receipt of subsidy claim. Discrepant claim will be returned to respective AD and the same must be resubmitted after removing the discrepancy within 30 days of return, after which no such application will be entertained.
f) Approved claim will be disbursed to respective AD in its account maintained with SBP-BSC for onward credit to the exporter's account within 24 hours of disbursement.
g) Application must be submitted as per enclosed Annexure-I, duly verified by Food Department of respective Provincial Government with unique reference number.
h) Rate of exchange applicable for calculation of PKR subsidy will be the Buying Rate of Weighted Average Customer Exchange Rates issued by Domestic Markets and Monetary Management Department of SBP on the date of final realisation of export proceeds against E-Form.
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