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Banks no more to submit 'ED' statements

KARACHI (September 23 2004): The State Bank of Pakistan on Wednesday decided to discontinue submission of 'ED' statement by banks to the offices of SBP subsidiary.

The SBP issued a circular which said: “With a view to rationalising the reports submitted by the banks to our SBP BSC (Bank) offices, it has been decided to discontinue submission of the 'ED' statement by the banks to the offices of our subsidiary as from the quarter pertaining to September 2004 and onward. However, banks are advised to develop a proper Management Information System (MIS) regarding export finance cases against which refinance facilities have been obtained by them under both parts of the scheme to ensure that no duplicate financing is availed by them against one firm export order/export letter of credit under the scheme.”

It said that till development of such MIS, the banks should maintain a register containing columns as that of 'ED' statement, from where SBP inspectors may obtain the data for inspection of cases of EFS.

Failure to maintain the said register at the level of each branch, which obtained refinance from the office of SBP BSC (Bank), would attract punitive action under the Banking Companies Ordinance, 1962 against the delinquent officers found responsible for not maintaining this register, it added.

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