PAKISTAN HOSIERY MANUFACTURERS & EXPORTERS ASSOCIATION
Ref. No. PHMA/Cir-049/2018
To: All Members of the Association (Southern Zone & Northern Zone)
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July, 2018 addressed to the Presidents / Chief Executives of all Authorized Dealers in Foreign Exchange whereby SBP has withdrawn the facility allowed to Authorized Dealers to make import advance payments against irrevocable Letters of Credit (L/C) up to 100% of the value of the goods and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.
Muhammad Jawed Bilwani
Encl: As above.