Cabinet approves 15-day extension for sugar export, SBP orders strict compliance

September 06, 2024 (MLN): The Federal Cabinet has approved a 15-day extension for the shipment of sugar export consignments, adding to the previously allowed 45-day period.

Following this decision, the State Bank of Pakistan (SBP) has directed Authorized Dealers (ADs) in Foreign Exchange to promptly inform their clients of these updated instructions and ensure strict adherence to the new guidelines.

This extension applies differently across provinces, providing flexibility based on regional needs.

For the unutilized export quota of sugar mills in Punjab, the 15-day extension will be effective from the date of the cabinet's decision.

For other provinces, the extension period will commence from the date of quota allocation by the Provincial Cane Commissioner.

This extension in the shipment period will not apply to sugar mills that have failed to use export proceeds for payment to growers.

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