The State Financial institution of Pakistan (SBP) has issued new directions to the Licensed Sellers (ADs) for the export of authorized portions of sugar.
The Licensed Sellers will receive proof of allocation of quota by the respective Provincial Cane Commissioner and make a copy of the allocation of their document, a notification issued by the central financial institution said.
ADs will receive an endeavor from the exporters that the consignment can be shipped inside 45 days from the date of quota allocation.
ADs will guarantee receipt of Irrevocable L/C confirming that fee shall be obtained inside sixty (60) days of the opening of the Letter of Credit score, or advance receipt of export proceeds from the customer overseas by way of banking channels.
ADs will submit sugar export transactions and cargo updates to the Director, FEOD, SBP-BSC, and related places of work.
The Financial Coordination Committee (ECC) of the Cupboard not too long ago authorized revised situations concerning the export of sugar.