Khyber Pakhtunkhwa, Fata relief package: SBP invites claims for second instalment

The State Bank of Pakistan has advised banks/DFIs to submit claims for second instalment in respect of Fiscal Relief Package of the Government of Pakistan for the beneficiaries of the textile sector in Khyber Pakhtunkhwa, Federal and Provincial Administered Tribal Areas.
According to SMEFD Circular No 1 issued on Saturday, the Ministry of Finance has advised to release 2nd instalment of the subsidy under the Scheme for the period from 01-07-2010 to 31-12-2010 to the beneficiaries of the textile sector. It may be mentioned here that the State Bank had already reimbursed 1st installment of mark-up rate differential for six months ending on 30th June 2010 following the release of necessary budgetary allocation by the Ministry of Finance.
According to the Circular, under the modus operandi of the Scheme the rate of mark-up differential for 2nd installment, for six months ending on 31st December 2010, has been worked out at 5.32 percent. Accordingly, the Circular added, the banks/DFIs may calculate the amount of mark-up differential on outstanding loans of textile sector, on the basis of said rate and keeping in view the terms & conditions contained in above Scheme and submit duly completed claims at SBP-BSC (Bank), Peshawar for reimbursement for the period from 01-07-2010 to 31-12-2010 latest by February 15, 2011.
Further, it said, instructions regarding reimbursement of mark-up differential in respect of the beneficiaries of other eligible sectors, for the period from 01-07-2010 to 31-12-2010, shall be issued separately on receipt of necessary instructions/budgetary allocation from the Ministry of Finance.