SBP extends relief to carpet exporters

KARACHI: State Bank of Pakistan (SBP) on Thursday announced a measure to relieve the problems of carpet exporters under Export Finance Scheme (EFS) for the fiscal year 2016-17.

“Viewing the particular circumstances impacting exporters of carpets in meeting their required export performance, the relaxation had been granted in pre-shipment and extension in time limit,” a circular issued by the central bank said.

The SBP said that 90 days extension in shipment period had been allowed for those loans, in which shipment was falling due in fiscal year 2016-17. “In case of non-shipment, the fine already charged would be retained by the central bank till submission of their request,” the SBP added.

However, the central bank said, in loan cases where shipment was falling due during FY17 and delayed shipment fine had been charged, upon submission of request, the same shall be refunded to the extent of delay by maximum 90 days.

“An additional period of three months has been allowed to those carpet exporters who have had a shortfall in the required performance in the monitoring year 2016-17,” the state bank further said.