SBP sets conditions for 40,000 MT sugar export to Tajikistan

October 18, 2024 (MLN): Given the federal government's approval to export 40,000 MT of sugar to Tajikistan, the State Bank of Pakistan (SBP) has issued certain conditions to Authorized Dealers (ADs), advising them to process the requests of eligible applicants upon fulfillment.

Accordingly, ADs will obtain proof of allocation of quota to the sugar mill by the PSMA and keep a copy of the same in their record.

ADs will also obtain a copy of the purchase contract/agreement between PSMA and Tajik Agency.

Moreover, ADs will take an undertaking from the exporters that the consignment will be shipped as per the mechanism agreed upon between PSMA and Tajik Agency.

Dealers will ensure 100% receipt of export proceeds in advance through the banking channel, as per the agreed arrangements.

Lastly, ADs will submit sugar export transactions and shipment updates to the Director, FEOD, SBP-BSC, Head Office, Karachi on a weekly basis at sugar.epd@sbp.org.pk by every Friday at 1700 HRS.

“ADs are advised to bring the above instructions to the knowledge of all their constituents and ensure meticulous compliance there against,” SBP’s circular concludes.

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