Govt hands over cotton export matters to State Bank
- Previously Trade Development Authority of Pakistan handled the sector
ISLAMABAD: The Federal Government has handed over cotton export matters to State Bank of Pakistan from Trade Development Authority of Pakistan.
READ MORE: Weekly Cotton Review: Market stable amid subdued business activity
In this regard, Ministry of Commerce has issued S.R.O. 2486(1)/2025, saying that in exercise of the powers conferred by sub-section (1) of Section 3 of the Imports and Exports (Control) Act, 1950 (of 1950), the Federal Government has directed that the following further amendments shall be made in the Export Policy Order, 2022, namely:
In the aforesaid Order, be substituted, namely:-
Sr. No. 9, in column (4), the following shall “(i) security deposit of 1% of the contract value with the State Bank of Pakistan and presentation of confirmation letter issued by the State Bank for the same before customs authorities along with shipping documents and ; (ii) an irrevocable letter of credit shall be opened by the buyers and the shipment of contracted quantity shall be completed within one hundred and eighty days thereof. In case of non-performance of contract within stipulated time, the security deposit shall be forfeited by the State Bank of Pakistan proportionate to the quantity not shipped”.
Copyright Business Recorder, 2025
Comments
Comments are closed for this article.