SBP’s circular regarding subsidy on export of wheat & wheat products

September 13, 2017
Samaa Web Desk

KARACHI: The State Bank of Pakistan (SBP) on Wednesday announced extension in subsidy on export of wheat and wheat products.

The EPD Circular Letter No. 18 dated September 13, 2017, is addressed to the Presidents/Chief Executives of all Authorized Dealers in Foreign Exchange.

It said that regarding extension in Subsidy on Export of Wheat and Wheat Products attention of the Authorized Dealers is invited to EPD Circular Letter No. 02 dated February 10, 2017 regarding the captioned subject.

In terms of the Ministry of National Food Security and Research (MNFSR), Government of Pakistan’s Notification No. 4-12/2014/DFSC-II/Wheat Export dated June 22, 2017 (copy enclosed) the ECC of the Cabinet has approved extension in export period for export of wheat/wheat products (Flour (Aata), Fine, Suji and Maida) beyond March 15, till August 31, 2017 subject to the term and conditions mentioned therein.

Accordingly, it is advised that subsidy on export of wheat/wheat products (Flour (Aata), Fine, Suji and Maida) shall be allowed till August 31, 2017 (to be determined by GD filing date) to those exporters who have lifted the wheat from godowns of Food Departments of respective Provincial Governments prior to
March 15, 2017.

Therefore, exporters of wheat/wheat products will approach FEOD, SBP-BSC (Bank), Head Office or respective field office of SBP-BSC, as the case may be, through their Authorized Dealer claiming the subsidy latest by October 31, 2017.

No claims will be entertained after aforementioned time period.

Application must be submitted as per enclosed revised Annexure-I, for each shipment separately, duly verified by Food Department of respective Provincial Governments with unique reference number.

Disbursement of the above subsidy against approved claims shall be subject to submission of verified lists of exporters by MNFSR from Provincial Food Departments. All other instructions on the subject shall remain unchanged.

Authorized Dealers are advised to bring the same to the notice of all their constituents, the SBP circular added. – APP