KARACHI: State Bank of Pakistan (SBP) has directed banks and exporters to submit undertaking for true e-form under export finance scheme.
According to a circular issued on July 01, 2020 the banks shall provide details of exporters including name and address, NTN. Besides, the banks will also provide number and amount of export proceeds.
Furthermore, both banks and exporters shall undertake that:
In case of mismatch between the commodity and HS code provided, the entry will not be considered for performance/entitlement until rectified.
The contents of subject MS excel file titled[Bank Prefix-Exporter’s NTN-Serial Number] are correct and complied with relevant instructions of the EFS.
The exports on usance basis reported in the above referred statement are against irrevocable letter(s) of credit which is/are eligible for negotiation and the usance bills in respect thereof have not been negotiated with a scheduled bank in Pakistan except those mentioned there against.
The statement does not include:
I. Any export of commodities which do not qualify for export finance under the Scheme.
II. Any export made under a Contract/LC against which they obtained export finance from any bank under Part-I of the Scheme (this clause is required in case of EF-1 Statements only).
The SBP further said that through circular letter no. 12 dated June 26, 2020 wherein banks have been advised to get verified their EE-1/EF-1 statements and submit the same to concerned SBP-BSC offices.
As it is in the knowledge of banks that in order to streamline the process and ensure smooth execution of workflow, hard copy submission of EE-1/EF-1 Statements has already been dispensed with and only soft copies of EE-1/EF-1 statement on the excel format attached at Annexure-I shall be submitted by banks.
In addition, banks shall submit scanned copy of original undertaking duly signed by the exporter and the authorized personnel of the bank on the format attached at Annexure-II. Banks shall attach the scanned copy of the undertaking in the email containing soft copy of EE-1/EF-1 statement.
The soft copies of EE-1/EF-1Statements of Karachi region shall be sent electronically to FEOD-HOK, through bank personnel’s official email address on: [email protected];whereas, for regions other than Karachi, the respective SBP-BSC Office will provide email addresses to banks’ Regional Heads.
The following must be ensured by banks at the time of submission of email containing soft copy of EE-1/EF-1statement and undertaking:
- Email is properly titled as “Verification of EE-1/EF-1Statement: M/s [Exporter Name]”
- Excel file is properly titled as “[Bank Prefix –Exporter’s NTN –Serial Number]”.
- Single consolidated statement is submitted for each exporter having Advance Payment and Post-shipment entries.
- E-Form No. and NTN is in the correct format.
- Currency, Schedule and Sales Term is statedasper formatprovided in the list in drop-down of the relevant column in MS Excel file.
- All entries have been reported in ITRS.
- All shipping documents have been submitted for shipments against Advance Payments.
The SBP said that soft copies of EE-1/EF-1statements should be submitted at FEOD Karachi and Field Offices along with undertaking strictly as per the formats provided.