PAKISTAN HOSIERY MANUFACTURERS & EXPORTERS ASSOCIATION

(CENTRAL OFFICE)

37-H, BLOCK-6 P.E.C.H.S., KARACHI-PAKISTAN

TEL: 0092-21-34522769, 34522685, 34544765 FAX: 0092-21-34543774

E-MAIL: info@phmaonline..com  URL www.phmaonline.com   

REF. NO. PHMA/CIR-138/2010

DATED: 20^th December 2010

TO ALL MEMBERS OF THE ASSOCIATION

SUBJECT:      DRAWBACK OF LOCAL TAXES AND LEVIES ORDER, 2009 SCHEME IS BEING RE-STARTED WITH IMMEDIATE EFFECTS.

WE ARE PLEASED TO INFORM ALL OUR VALUED MEMBERS THAT WITH THE BEST EFFORTS OF THE ASSOCIATION, CONSEQUENT TO THE MEETING OF THE UNDERSIGNED WITH THE GOVERNOR, STATE BANK OF PAKISTAN AND SUBSEQUENT DISCUSSIONS WITH THE AUDITOR GENERAL OF PAKISTAN, RESULTS HAVE BEEN ACHIEVED AND STATE BANK OF PAKISTAN HAS ISSUED EPD CIRCULAR LETTER NO.9/EPP1(51)DLTL-2010 DATED 20^TH DECEMBER, 2010 ADDRESSED TO THE HEAD / PRINCIPAL OFFICES OF ALL AUTHORIZED DEALERS IN FOREIGN EXCHANGE, WHICH IS BEING ATTACHED HEREWITH FOR THE INFORMATION OF ALL OUR VALUED MEMBERS.

IN ACCORDANCE WITH THE ABOVE, THE DISBURSEMENT OF THE OUTSTANDING DRAWBACK OF LOCAL TAXES AND LEVIES ORDER, 2009 SCHEME IS BEING RE-STATED WITH IMMEDIATE EFFECT WITH THE FOLLOWING GUIDELINES:

1.  THE PAYMENTS WHICH HAD BEEN REVERSED ON 30-06-2010 WILL BE PAID FIRST. IN ALL SUCH CASES, THE BANKS ARE ADVISED TO SUBMIT A COMPLIANCE REPORT WITHIN 7 DAYS OF CREDIT BY SBP, BSC (BANK) THAT THE RESPECTIVE EXPORTERS’ ACCOUNTS HAVE BEEN CREDITED. FAILURE TO DO SO WILL RESULT IN RECOVERY OF THE AMOUNT ALONG WITH FINE TO BE PAID BY THE BANK.

2.  THE CLAIMS WILL BE ENTERTAINED BY SBP, BSC OFFICES ON FIRST-IN-FIRST-OUT BASIS.

BEST REGARDS,