Karachi March 31 2023: The Central Bank of Pakistan in view of the representation received from various stakeholders has decided that exporters who are able to bring their delayed export proceeds to Pakistan by April 30, 2023 will not face any deductions and their export proceeds will be converted into PKR and released to them in a normal fashion.
Accordingly, the amounts withheld by the ADs in pursuance of the above mentioned instructions will also be released to the exporters.
In cases where export proceeds (fully or partially) are realized after the prescribed period (as stipulated in Para 6 of this Chapter), the AD shall convert the export proceeds at the prevailing market exchange rate, credit the same into the exporters’ account and subsequently adopt the following procedure:
- The AD shall mark a lien on the amount of export proceeds realized by the exporter, as mentioned below:
| Number of days export proceeds is delayed | Percentage of amount to be marked under lien |
| Up to 30 days | 3% |
| From 31 to 60 days | 6% |
| Beyond 60 days | 9% |
- A consolidated statement regarding all such liens by the AD will be submitted by Head/Principal Offices of the ADs to the Director, Foreign Exchange Operations Department (FEOD), SBP-BSC on weekly basis as per prescribed format (Revised Appendix V-20A).
- FEOD shall file a complaint to Foreign Exchange Adjudication Department (FEAD), SBP-BSC with respect to delay in realization of export proceeds for all reported cases. Subsequently, AD shall deposit the fine as ordered by FEAD with SBP (out of the amount marked under lien as per paragraph (a) above) and release the remaining amount to the exporter. In case FEAD does not impose any fine on the exporter, the entire amount under lien would be released to the exporter.
- The above instructions will not be applicable in cases of export bills/ export receivables that are discounted by the exporter to the AD.”
Related Posts
