The State Bank of Pakistan has asked all authorised dealers to cancel those sugar export quotas which were not utilised by mills within their respective prescribed time, and re-award them on first come first served basis. According to SBP EPD Circular Letter No 06 /EPP.1 (51) sugar, these directives has been issued following the Economic Co-ordination Committee (ECC) of the Cabinet decision.
The ECC in its meeting held on July 18, 2013 had decided to cancel all sugar export quotas not utilised by the sugar mills within their respective prescribed time. As per the ECC decision, the SBP has asked all Authorised Dealers in Foreign Exchange to award all cancelled as well as fresh quotas of the sugar export to the prospective exporters on first come first served basis subject to production of an irrevocable Letter of Credit (L/C) within 60 days shipment time.
Now all approvals for sugar export will be issued as per decision of ECC, the circular said and added that other terms and conditions/procedure as mentioned in the FE Circular Letter No 11 dated December 18, 2012 will remain unchanged. Authorised dealers have been advised to bring the same to the notice of all their constituents, it added.