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PAKISTAN HOSIERY MANUFACTURERS & EXPORTERS ASSOCIATION
PHMA House, 37-H, Block-6, P.E.C.H.S, Karachi. Tel: 0092-21-34522769, 34522685, 34544765
Fax: 0092-21-34543774, E-mail: info@phmaonline.com 

Ref. No. PHMA/Cir-049/2018
Dated: 17^th June, 2018

To: All Members of the Association (Southern Zone & Northern Zone)

SBP withdrawn the facility allowed to Authorized Dealers to make import advance payments

It is informed that SBP Exchange Policy Department has issued F.E. Circular No.06 dated 14th July, 2018 addressed to the Presidents / Chief Executives of all Authorized Dealers in Foreign Exchange whereby SBP has withdrawn the facility  allowed to Authorized Dealers to make import advance payments against irrevocable Letters of Credit (L/C) up to 100% of the value of the goods and up to US$10,000/- per invoice for the import of all eligible items without the requirement of L/C or Bank Guarantee from the supplier abroad.

However, in case, Authorized Dealers deem that a request on the subject merits consideration, they may approach State Bank of Pakistan along with appropriate recommendations on a case to case basis. (Copy of SBP Circular is attached).

Members are advised to send their comments / views / reservations on withdrawal of this facility in writing on their letterhead URGENTLY to take up the matter with the SBP.

Best Regards,

Muhammad Jawed Bilwani

Chief Coordinator-PHMA

Encl: As above.