AVN 63.69 Decreased By ▼ -4.01 (-5.92%)
BOP 8.78 Decreased By ▼ -0.46 (-4.98%)
CHCC 134.50 Decreased By ▼ -3.50 (-2.54%)
DCL 10.05 Decreased By ▼ -0.53 (-5.01%)
DGKC 108.00 Decreased By ▼ -4.60 (-4.09%)
EFERT 64.45 Decreased By ▼ -0.35 (-0.54%)
EPCL 41.30 Decreased By ▼ -2.45 (-5.6%)
FCCL 21.00 Decreased By ▼ -0.26 (-1.22%)
FFL 15.05 Decreased By ▼ -0.76 (-4.81%)
HASCOL 15.08 Decreased By ▼ -0.62 (-3.95%)
HBL 131.10 Decreased By ▼ -3.90 (-2.89%)
HUBC 81.62 Decreased By ▼ -2.58 (-3.06%)
HUMNL 7.40 Decreased By ▼ -0.51 (-6.45%)
JSCL 24.29 Decreased By ▼ -1.81 (-6.93%)
KAPCO 28.35 Decreased By ▼ -0.79 (-2.71%)
KEL 3.71 Decreased By ▼ -0.12 (-3.13%)
LOTCHEM 11.75 Decreased By ▼ -0.24 (-2%)
MLCF 41.85 Decreased By ▼ -0.46 (-1.09%)
OGDC 93.33 Decreased By ▼ -3.02 (-3.13%)
PAEL 32.92 Decreased By ▼ -1.48 (-4.3%)
PIBTL 12.86 Decreased By ▼ -0.48 (-3.6%)
PIOC 95.00 Decreased By ▼ -4.00 (-4.04%)
POWER 9.77 Decreased By ▼ -0.30 (-2.98%)
PPL 83.60 Decreased By ▼ -2.36 (-2.75%)
PSO 200.00 Decreased By ▼ -6.89 (-3.33%)
SNGP 56.60 Decreased By ▼ -2.94 (-4.94%)
STPL 13.15 Decreased By ▼ -0.05 (-0.38%)
TRG 46.60 Decreased By ▼ -3.13 (-6.29%)
UNITY 23.00 Increased By ▲ 0.76 (3.42%)
WTL 1.05 Decreased By ▼ -0.02 (-1.87%)
BR100 4,133 Decreased By ▼ -155.2 (-3.62%)
BR30 21,019 Decreased By ▼ -858.48 (-3.92%)
KSE100 39,888 Decreased By ▼ -1298.86 (-3.15%)
KSE30 16,750 Decreased By ▼ -546.72 (-3.16%)
COVID-19 TOTAL DAILY
Business

SBP to credit Duty Drawbacks directly into Exporters bank accounts from Sept 1st

  • “I am pleased to announce that effective from 1st of September 2020, the SBP will be crediting the Duty Drawbacks directly into the bank accounts of the exporters,” he said.
Updated 08 Aug 2020

The State Bank of Pakistan (SBP) will be crediting the Duty Drawbacks directly into the bank accounts of the exporters, effective from 1st of September 2020 announced Advisor to Prime Minister on Trade Abdul Razak Dawood on Saturday.

“Exporters have always been wanting that their refunds go directly into their accounts from the SBP,” said Dawood in a series of tweets. “I am pleased to announce that effective from 1st of September 2020, the SBP will be crediting the Duty Drawbacks directly into the bank accounts of the exporters,” he said.

“I am grateful to SBP and Pakistan Customs for establishing this system of direct transfer of Duty Drawback, without any human involvement on the initiative of Ministry of Commerce,” he added.

Earlier, Dawood said that Pakistan’s export product diversification strategy has shown impressive trend in July 2020.

Dawood in a series of tweets on Friday said “In line with our export product diversification strategy, the exports of the following products have shown encouraging trend in July 2020 over July 2019: 1. Exports of Fish and Fish Products have increased by 50% to US$26 million from US$17mn. 2. Export of Food Preparations increased by more than 300% to US$6.4mn from US$1.44mn.”

Dawood was of the view that the diversification of our exports away from the traditional sectors to new developmental sectors is an important part of government strategy.