Pakistani banks told to process cases of sugar export

The State Bank of Pakistan advised all authorised dealers in foreign exchange to process the cases of sugar export.

A circular in this regard was issued to the heads and principal offices of all authorised dealers in foreign exchange operating in Pakistan.

Banks will forward the requests of sugar mills for approval of SBP. While forwarding such requests, banks should also maintain the record of each sugar mill to ensure compliance of maximum prescribed quota of 5,000 tons per sugar mill, said the SBP.

The SBP will allow permission against each E-Form on first come first served basis.

Banks will send sugar export update to Director, Exchange Policy Department, State Bank on daily basis.

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