KARACHI: The State Bank of Pakistan (SBP) on Wednesday ordered banks to make sure that ‘no duplicate export refinancing is provided by them against one firm export order or export letter of credit’.
According to a circular issued to all commercial banks, the SBP directed for maintenance of a register containing columns as that earlier prescribed in ED-Statement, which was being submitted by banks on quarterly basis to the SBP.
The SBP, however, as a policy matter further directed banks to develop ‘a proper Management Information System (MIS) regarding export finances cases’.
The SBP by saying that filing of ED-Statement under export finance scheme now has been discarded, but at the same time warned banks that inspectors of SBP BSC will be inspecting the newly prescribed register for export finance.
The State Bank warned that failure to maintain the prescribed register at the level of each branch would attract punitive action under Banking Companies Ordnance, 1962 against the delinquent officers found responsible for not maintaining this register.