KARACHI : The State Bank of Pakistan has decided to include Polyethylene Terephthalate (PET) resin (HS Code 3907.6020) in the negative list of Export Finance Scheme (EFS). According to SMEFD Circular - Letter No 9 issued on Monday, commercial banks have been advised not to allow financing facilities against the said commodity under EFS. These instructions will be applicable with immediate effect, the circular said.
It clarified that the refinance already availed by exporters against above commodity will remain valid up to maturity date of respective loan(s). Export performance will also be taken into account under Part-II of the scheme against borrowing during 2009-10, for the purpose of entitlement of limit for FY11, it added.
Courtesy: Business Recorder
Forex open Market rates & comments Archive