SBP Modifies the Mechanism for Exporting Sugar

The Authorized Dealers (ADs) have received updated instructions from the State Bank of Pakistan (SBP) regarding the export of permitted sugar quantities.

According to a notification from the central bank, the Authorized Dealers must receive proof of quota allocation from the relevant Provincial Cane Commissioner and maintain a copy of the allocation in their records.

The exporters must guarantee to ADs that the shipment will be transported within 45 days after the date of quota allocation.

ADs will ensure receipt of an irrevocable letter of credit (L/C) stating that payment is due within sixty (60) days of the L/opening C’s or the advance receipt of export revenues from the buyer overseas via banking channels.

The Director, FEOD, SBP-BSC, and other pertinent offices will receive updates on sugar export transactions and shipments from ADs.

Revisions to the terms governing the export of sugar were recently authorised by the Cabinet’s Economic Coordination Committee (ECC).

Written by Aly Bukshi

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