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-101/2011

DATED: 05^TH July, 2011

TO ALL MEMBERS OF THE ASSOCIATION

SUBJECT:             NOTICES FROM FIA TO EXPORTERS ON ACCOUNT OF REPATRIATION OF FUNDS FROM ABROAD THROUGH MONEY CHANGERS.

MEMBER EXPORTERS WHO HAVE RECEIVED NOTICES FROM FIA ON ACCOUNT OF REPARTIATION OF FUNDS FROM ABROAD THROUGH MONEY CHANGERS JUST BECAUSE THEY ARE COMPELLED TO REPATRIATE FUNDS FROM ABROAD OWING TO CONDITIONALITIES OF STATE BANK OF PAKISTAN FOR REMITTANCE OF EXPORT PROCEEDS TO PAKISTAN, DUE TO ONE OF THE FOLLOWING REASONS ARE REQUESTED TO APPROACH THE ASSOCIATION TO ENABLE TAKE UP THE MATTER WITH FIA:

Ø  REMITTANCE AGAINST THEIR EXPORT SHIPMENTS NOT RECEIVED DUE TO BANKRUPTCY OF FOREIGN BUYER.

Ø  EXPORT GOODS RELEASED AND DELIVERED TO THE BUYERS WITHOUT HONOURING PAYMENT THROUGH BANK DUE TO CURSE OF HOUSE BILL OF LADING.

Ø  REMITTANCE AGAINST EXPORT SHIPMENT NOT RECEIVED DUE TO DISPUTE WITH THE BUYER.

THANKS & BEST REGARDS,