TRADE DEVELOPMENT AUTHORITY OF PAKISTAN (TDAP)

(MINISTRY OF COMMERCE)

GUIDE TO AVAIL EXPORT FINANCE SCHEME OF

STATE BANK OF PAKISTAN

December 2020
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TRADE DEVELOPMENT AUTHORITY OF PAKISTAN (TDAP)

GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

DISCLAIMER
The analyses, interpretations, and conclusions expressed in this study do not necessarily reflect the
view of the Board of Directors, Chief Executive, and Secretary of the Trade Development
Authority of Pakistan.
Any conclusion, interpretation, and analysis based on the export facilitation scheme of the State
Bank of Pakistan (SBP) are the responsibility of the author and do not necessarily reflect the
opinion of the SBP. Although every effort has been made to accurately convey the message of the
original content.

For any queries or feedback regarding this publication, please contact the author
Mr. Ahmad Khan
Research Associate
Trade Development Authority of Pakistan
[email protected]

TRADE DEVELOPMENT AUTHORITY OF PAKISTAN (TDAP)

GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

List of Acronyms:
BID Banking Inspection Department
BSC Banking Services Corporations
CIB Credit Information Bureau
DP Note Demand Promissory Note
EFS Export Finance Scheme
EGM Export General Manifest
EPD Exchange Policy Department
EPRC Export Proceeds Realization Certificate.
EVU Exchange Verification Unit
F.E Foreign Exchange
FEOD Foreign Exchange Operations Department
FCR Forwarder's Cargo Receipt
GRN Goods Received Note
HS Code Harmonized System Code
IEFS Islamic Export Finance Scheme
ILC Inland Letter of Credit
LC Letter of Credit
M.R Mate’s Receipt
ROE Return on Equity
SME Small & Medium Enterprises
SPO Standardized Purchase Order

TRADE DEVELOPMENT AUTHORITY OF PAKISTAN (TDAP)

GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

Table of Contents
INTRODUCTION TO THE STUDY ..................................................................................... 1
SECTION ONE ........................................................................................................................ 2
1.1. Export Finance Scheme (EFS Part-I) - Transaction Based Facility: An Overview ............ 3
1.2. Basic Information and Scope of the Scheme ...................................................................... 4
1.3. Procedures to Avail the Facility .......................................................................................... 6
SECTION TWO ....................................................................................................................... 9
2.1. Export Finance Scheme (EFS Part-II) - Performance Based Facility: An Overview ....... 10
2.2. Basic Information and Scope of the Scheme .................................................................... 11
2.3. Procedures to Avail the Facility ........................................................................................ 13
SECTION THREE ................................................................................................................. 15
3.1. Islamic Export Refinance Scheme: An Overview ............................................................ 16
3.2. Basic Information and Scope of IEFS Part-I .................................................................... 17
3.3. Procedures to Avail the Facility under IEFS Part-I .......................................................... 19
3.4. Basic Information and Scope of IEFS Part-II ................................................................... 21
3.5. Procedures to Avail the Facility under IEFS Part-II ......................................................... 23
ANNEXURE ........................................................................................................................... 24
I. Negative List- List of Commodities not Eligible for Export Refinance under the Export
Finance Scheme ................................................................................................................ 24
II. Form-B Application Form for Direct Exporters Under EFS Part-I .................................. 29
III. Form C- Application form for Indirect Exporter Under ESF Part-I ................................. 32
IV. Standardized Purchase Order (SPO) for purchase of Inputs by the Direct Exporter from
Indirect Exporter ............................................................................................................... 34
V. Refinance Claim Form for Commercial Banks from SBP BSC ....................................... 35
VI. Form A- Demand Promissory Note ................................................................................... 38
VII. Form to Claim refund of fine by Commercial Banks from SBP BSC .............................. 41
VIII. Application Form to be submitted by Exporter for Extension of the Facility ................ 42
IX. Form EE-1 – EFS Part-I.................................................................................................... 44
X. Fine under EFS Par-II ....................................................................................................... 45
XI. Form-E .............................................................................................................................. 46
XII. UT-DE-II - Undertaking to be submitted by the direct exporter under part-II ................. 47

TRADE DEVELOPMENT AUTHORITY OF PAKISTAN (TDAP)

GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

XIII.UT-IDE-II - Under taking to be submitted by the indirect exporter under part-II ........... 48
XIV. Form DE-3 - Application form for direct exporter ........................................................ 50
XV. IDE- 2 - Application form for indirect exporter ................................................................. 52
XVI. Form-EB - For Banks to Avail Refinancing from SBP BSC Office .............................. 53
XVII. Form EE-1- EFS Part-II ................................................................................................. 54
XVIII. Form EF-1 -EFPS Part-II ........................................................................................ 55
XIX. Form - EP for Roll Over ................................................................................................. 56
XX. Claim Form for Mark-up Rate Benefit/Rebate under EFS (P-II)/IERS (P-II).................. 57
XXI. Form 1 – Agreement Form To be submitted by Head office of Islamic Bank to SBP .. 58
XXII. Form 2 - Application Form to be submitted by the Islamic Bank for claiming financing
from SBP........................................................................................................................... 63
XXIII. Form 3 - Application / Undertaking for Direct Exporters Under IEFS .................. 66
XXIV. Form 4 - Application / Undertaking for Indirect Direct Exporters Under IEFS ..... 69
XXV. Demand Promissory Note Under IEFS .......................................................................... 71
XXVI. From to be Submit by Islamic Banks to SBP for Refunding of Fines .................... 72
XXVII. Application to be submitted by the Islamic Bank for claiming refinance from SBP
BSC under IEFS Part-II .................................................................................................... 73
XXVIII. Undertaking Part II – Islamic Export Refinance Scheme ....................................... 74
XXIX. Form EE 1- For IEFS Part-II .................................................................................. 75
XXX. Form EF 1 - of Eligible Commodities Under IEFS Part II ............................................ 76

TRADE DEVELOPMENT AUTHORITY OF PAKISTAN (TDAP)

GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

INTRODUCTION TO THE STUDY

Initiated in 1973 the Export Finance Scheme (EFS) is aimed to boost exports of the country. Under
the scheme, short term financing facilities are provided to exporters through commercial banks for
exports of all manufacturing goods especially value-added products except basic and primary
commodities/raw materials. The EFS operates in two parts: i.e. Part-I - Transaction-Based and
Part-II - Performance-Based.
In addition to these two parts, the recent developments relating to the introduction of specialized
Islamic banking institutions have made it imperative for State Bank of Pakistan (SBP) to formulate
a scheme to enable the exporter to avail SBP’s refinance through the newly established Islamic
Commercial Banks against eligible commodities. Accordingly, SBP has designed a new Scheme
styled as Islamic Export Refinance Scheme. Thus, three different modes of financing under EFS
are available i.e.
1. Part-I - Transaction-Based Facility1
2. Part-II - Performance-Based Facility2
3. Islamic Export Refinance Scheme3 (both transaction-based and performance-based)
This study analyzes the facility, with the purpose to provide basic information and make the
procedures simple enough to understand by exporters easily.
The above schemes are analyzed and simplified by reflecting on, the scope of the schemes, their
intended beneficiaries, documents required along with the procedures to avail them.

The study is divided into three sections. Section one discusses EFS under Part-I - Transaction-
Based with respects to its scope, documents required in addition to, procedures to avail the scheme.
The second section reflects on EFS under - Performance-Based, while Islamic Export Refinance
Scheme is discussed in section three for the said aspects related to scope, documentation and
procedures.

1 https://www.sbp.org.pk/incen/BookGuidlines-EFS.pdf
2 Ibid.
3 https://www.sbp.org.pk/Incentives/iers/Scheme.pdf

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TRADE DEVELOPMENT AUTHORITY OF PAKISTAN (TDAP)

GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

SECTION ONE

TRANSACTION BASED
EXPORT REFINANCE
SCHEME

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1.1. Export Finance Scheme (EFS Part-I) - Transaction-Based Facility: An

Overview

It is a transaction-based facility where the commercial banks provide export finance to the
exporters on a case-to-case basis at pre-shipment and/or post-shipment stage against firm export
order/contract/ Letters of Credit (LCs). The financing extended to the exporter is equal to firm
export order/contract/LCs against which the loan is claimed. The tenure of the financing facility is
up to 180 days with a rollover option for further 90 days.

• Under the rollover option, financing equal to 85% of the value of firm export
order/contract/ LC is provided at both the pre-and post-shipment stage.
• However, to avail the rollover facility at the pre-shipment stage, exporters are required to
reflect export performance amounting to 117% of the loaned amount for rollover.

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Particulars EFS Part-I

1.2. Basic Information and Scope of the Scheme
i. The facility provides short term financing to the exporters of eligible goods to the
extent of 100% of the value of firm export order/contract / LC.
ii. The total amount of financing extended by any bank against firm export order/contract
What is the
Scheme or LC to both Direct and Indirect exporters shall not exceed the total amount of the
About firm export order/contract or LC.
i. It is a transaction-based facility which can be availed by exporters at pre-shipment
and/or post-shipment stage on case to case basis.

i. The borrower can avail the EFS @ 3% mark-up rate from commercial banks4.
ii. It is to note that under this scheme, the commercial banks get refinance from SBP at
Mark Up 2% for all other exporters and @ 1 % for SMEs5 and they are permitted a maximum
Rate
spread of 1% and 2% on loans extended to all other exporters and the SMEs
respectively.

Products i. All major value-added commodities exported from Pakistan are eligible
Covered for financing with exception of basic and primary commodities/raw materials as
under the
Facility mentioned in the negative list provided in Annexure-I.
i. Both direct exporters6 of the eligible goods and indirect exporters/manufactures”7, can
Who Can avail the facility. The indirect exporters/manufactures can avail the facility at pre-
Apply?
shipment stage only.
I. Direct exporters can avail the finance for 180 days with a rollover option for further
90 days, making the maximum financing available for 270 days.
II. Under the rollover option, the loan amount equal to 85% of the value of firm export
Loan Period
order/contract/LC is provided at the pre and post-shipment stage.
III. However, to avail the rollover facility at the pre-shipment stage, exporters are required
to reflect export performance amounting to 117% of the loaned amount for rollover.

4
This is current markup rate for EFS as provided by SBP, and it is subject to change from time to time.
5
Business entity having employment size up to 250 persons with a paid-up capital of Rs 25 million and having annual sales turnover
up to Rs 250 million.
6 An entity which manufactures and exports, or trading company who procures exports.
7 A manufacturer or supplier who supplies inputs i.e. materials and goods to a direct exporter to be used for further processing and

/ or to be exported.

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IV. Indirect Exporter can avail the facility up to 120 days.

V. In case, both direct and indirect exporter avail the facility against a particular
LC/contract/firm export order, the combined period shall not exceed 180 days from
the date of the first disbursement of the facility.
VI. In the wake of Covid-19, the SBP “vide IH & SMEFD Circular No. 5 of 2020”8 has
extended the shipment period to Six months (180 days) in which shipment is falling
due from January 2020 till June 30, 2020.
For Direct Exporters:
i. Application /Undertaking on Form “B” - (See Annexure-II)
ii. Demand Promissory Note (D.P. Note)9 from exporter - (Annexure-VI)
iii. Export Order/Contract/LC
iv. “EE-1 statement”10 - (Annexure-IX)
v. Original duplicate copy of ‘Form E’11 (Annexure-XI) (in case facility availed at the
post-shipment stage)
vi. Bill of lading/Airway bill (in case facility availed at the post-shipment stage)
OR
Documents
Required Forwarder’s Cargo Receipts (FCRs) and Mate’s Receipts (MR)- where the shipment is
by sea) or Export General Manifest (EGM) – where the shipment is by sea.
vii. Export Proceed Realization Certificate (EPRC)
viii. Invoice (in case facility availed at the post-shipment stage)
For Indirect Exporters:
i. Application/Undertaking on Form C - (Annexure-III)
ii. Demand Promissory Note (D.P. Note) – (Annexure-VI)
iii. “Inland Letters of Credit (ILC)12/Standardized Purchase Order (SPO)”13 - (Annexure-
IV)

8 https://www.sbp.org.pk/smefd/circulars/2020/C5.htm
9 A promissory note is a financial instrument that contains a written promise by one party (the note's issuer or maker) to pay another
party (the note's payee) a definite sum of money, either on demand or at a specified future date.
10 A statement containing details of exports proceeds realized from the exports of eligible goods by the exporter during the

previous fiscal year.

11 Stands for Export Form which is issued by the dealing Bank to make exports. It is a mandatory declaration to the Bank that an

export is intended to be made against realization of the foreign exchange which either has arrived in the exporting country or is
contracted to arrive after shipment maturity.
12 It is issued to meet out the credit requirement for domestic trade. This is a form of non-fund-based credit extended by the banks.
13 The direct exporter, who has a firm export order / contract / LC may request his bank to open an ILC in favor of the indirect

exporter or he (the direct exporter) may issue SPO (as per specimen at Annexure-IV) in favor of the indirect exporter.
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iv. EE-1 statement

v. Invoice
vi. Truck/Railway receipt
vii. Goods Received Note (GRN) / Delivery Challan singed by buyer.
i. In case when the shipment is delayed, the direct exporter will submit delayed shipment
shipping documents to bank within 30 days from the date of last delayed shipment and
thereafter bank will report all delayed shipments to respective SBP BSC Office on
When
submission of additional ‘Form D’ (Annexure-V) in 7 days.
Shipment is
Delayed ii. In case of failure to submit shipping documents within the stipulated period as
mentioned above, a fine of paisa 28 per day per Rs.1000 or part thereof will be
recovered from exporter in this regard. However, no fine on account of late submission
of ‘Form D’ will be charged from the bank.
i. In case direct exporter fails to make shipment under the relevant firm export order
/LC/contract for which he has availed the finance, he is liable to produce shipping
documents evidencing shipment of the export of same or any other eligible commodity
valuing the amount of loan, in respect of another firm export order /LC/contract.
Substitution
However, the direct exporter will have to undertake and confirm separately that he has
of Export
LC/Contract neither availed any finance under EFS against any such new export order /LC/contract
nor has reported or would report any entry of relevant “E” Forms already utilized by
him under Part II of the EFS.
ii. No facility of substitution is available to the indirect exporter in respect of the supply
of inputs to the direct exporters.

1.3. Procedures to Avail the Facility

i. To avail, the facility a direct exporter can submit an application on the prescribed ‘Form B’ (provided in
Annexure-II) to his bank against LC or on receipt of a firm export order. While an indirect exporter can
process his application as per prescribed ‘Form C’ (Annexure-III) against an ILC or SPO to his bank. It
is pertinent to mention that, the direct exporter who has a firm export order/contract / LC may request

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his bank to open an ILC in favour of the indirect exporter or the direct exporter may issue SPO as per
specimen at Annexure-IV in favour of the indirect exporter14.
ii. The bank concerned is responsible for scrutiny of documents submitted by the exporters. The on-site
verification team of SBP BSC and inspectors of Banking Inspection Department or any other authorized
officer of SBP shall examine the cases of finances of the bank under the scheme while making a regular
or special inspection of the bank. In case of the indirect exporter, his financing bank is liable to certify
that the facility availed by him is covered by an export order/contract or LC of the direct exporter and
proof of shipping there-against may be collected from the bank of the direct exporter.
iii. The commercial banks, after providing finance to the direct/indirect exporters may claim refinance from
concerned office of the SBP BSC on the prescribed ‘Form D’ (provided in Annexure-V). In case of direct
exporters, the bank will submit “From D” within 7 days of receipt of the shipping documents. Each
request for reimbursement for refinancing will be accompanied by a “Demand Promissory Note”15 duly
executed by the exporter concerned in favour of the bank and endorsed in favour of concerned SBP BSC
office as per ‘Form-A’ (Annexure-VI). The concerned SBP BSC will release the amount accordingly
within 48 hours on receipt of the refinance claim complete in all respects.
iv. The direct exporter shall be liable to submit the proof of shipments to the bank concerned against the
loan availed at a pre-shipment stage within 30 days from the expiry of the loan period and proof of
realization of exports proceeds in 210 days (270 days for carpet exporters) from the date of shipment.
v. In case shipping documents are not received by the bank from the exporter, on or before 30 days from
the expiry of the loan period, the bank shall serve a notice to the exporter at least 7 days before the due
date, showing the intention of deducting “fine on account of non-shipment due to non-submission of
shipping documents”16 against the loan availed. Despite serving the notice as stated, if the shipping
documents are not received by the bank concerned on or before the stipulated period, the bank shall
recover the fine treating the case as that of non-shipment.
vi. The exporter concerned shall be entitled to refund of fine so recovered, on submission of the relevant
documents and after adjusting the fine that may be applicable for delayed shipment and delayed
submission of shipping documents. The bank concerned shall submit the details of such exporters

14 The indirect exporter would be under obligation to supply the required inputs in accordance with the terms of the ILC/SPO,
failing which he shall be liable for fines under the Scheme. Payment of such fines shall, however, not absolve him for his liabilities
to the direct exporter.
15 A promissory note or legal undertaking signed by borrowers to secure a loan, pledging collateral, and committing to perform as

specified with regard to repayment of the loan.

16 Paisa 37 per day per Rs.1000 or part thereof

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qualifying for a refund to the concerned office of SBP BSC for claiming refund of fine as per prescribed
format (Annexure-VII). The SPB BSC shall refund the same to the bank concerned, if found justified and
the bank would be liable to pass on the refund amount to the exporter concerned on the following working
day, without any delay.
vii. The exporter/bank desiring rollover of the facility shall be under obligation to submit the prescribed form
provided at Annexure-VIII, as prescribed under the scheme within a maximum period of 180 days of
availing of the finance. The concerned SBP BSC Office shall allow rollover of refinancing for 90 days
against the already submitted loan documents.
viii. The loan granted to the indirect exporter, along with mark-up thereon, shall be adjusted upon delivery of
the inputs and payment under the ILC/SPO or at the expiry of the period of 120 days, whichever is earlier.
The indirect exporter is liable to submit documents, evidencing utilization of the loan to the bank within
15 working days of the supply of goods to the direct exporter.

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SECTION TWO

PERFORMANCE-BASED
EXPORT REFINANCE
SCHEME

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GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

2.1. Export Finance Scheme (EFS Part-II) - Performance-Based Facility:

An Overview
It is a performance-based facility, where exporters are entitled to avail a revolving export finance
limit equal to 50% of the export proceeds realized through the export of eligible commodities in
the preceding financial year. Such export proceeds meant to determine export performance exclude
any exports for which finance is obtained under Part-I of the EFS during the said financial year.
The export performance of an exporter is matched annually against total loan availed during the
financial year. The maximum tenor of the loan under this part of the scheme is 180 days which
could be rolled over for another 180 days subject to showing at least 70% shipment of the loan
availed in initial 180 days.

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Particulars EFS Part-II

2.2. Basic Information and Scope of the Scheme
i. A performance-based facility where the exporters can avail the financing equivalent
to 50% of export proceeds realized through the export of eligible commodities in the
preceding financial year (July-June). Such proceeds exclude the exports for which
finance is obtained under Part-I of the Scheme during the said period.
ii. The export performance of an exporter is matched annually against total loan availed
What is the
Scheme during the financial year against every application submitted by the exporter. In case
About of shortfall in performance /non-export, fine will be imposed as prescribed under this
part of the scheme (see Annexure. IX).
iii. The exporters are free to utilize the facility within entitlement of limit for the whole
year, however, the refinance limits sanctioned based on financial year are due to expire
on 30th June each year.
i. The borrower can avail the EFS @ 3% mark-up rate from commercial banks while
the commercial banks get refinance from SBP at 2% for all other exporters and @ 1
for SMEs and the banks are permitted a maximum spread of 1% and 2% on loans
extended to all other exporters and SMEs respectively.
ii. To further incentivize the financing under EFS (Part-II) the rates has been linked
Mark Up with export performance. Exporters giving higher performance can avail markup
Rate
rate rebate ranging from 0.5-1.5% depending upon the level of performance
achieved as laid down in “IH&SMEFD Circular Letter No. 05 of 2017”17.
iii. The exporters are required to claim the benefit of mark-up rate differential from SBP
BSC through their bank within one year after the performance year, provided that,
they have no overdue bills of export proceeds.

Products i. All major value-added commodities exported from Pakistan are eligible for financing
Covered with exception of basic and primary commodities/raw materials as mentioned in the
under the
Facility negative list provided in Annexure-I.
i. Exporters of the eligible goods can avail the facility.
Who Can
Apply? ii. Indirect exporters/manufactures”18

17 https://www.sbp.org.pk/smefd/circulars/2017/CL5.htm
18 A manufacturer or supplier who supplies inputs i.e. materials and goods to a direct exporter to be used for further processing and
/ or to be exported.
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i. The maximum tenor of the loan is 180 days which could be rolled over for another

Loan Tenor 180 days. However, the exporters can only be eligible for the rollover option when they
made at least 70% shipment of the loan availed in the initial 180 days.
i. To fix fresh limits based on previous year’s export performance for exporters
having outstanding finance under the Scheme after 30th June, total borrowing
availed under the scheme is required to be adjusted on 31st August each year. In
this regard, the exporters are required to submit the EE-1 statement (Annexure.
XVII) duly verified by SBP BSC Foreign Exchange Operations Department
(FEOD) latest by 31st August.
Extension in ii. In the wake of Covid-19, SBP has granted relaxations in terms of limit sanction by
Period of
Borrowing commercial banks to the exporters “vide IH & SMEFD Circular No. 5 of 2020”19.
Limit Accordingly, an additional period of 6 months (180 days) has been allowed to
exporters for meeting required export performance against the financing of
EFS/IERS-II in FY 2019-20. Therefore, eligible entries showing shipments and
export proceeds realization up to December 31, 2020, are allowed to be included
in the export performance of FY 2019-2020. And exporters will have to submit EF-
1 (Annexure. XVIII) and EE-1 statements through their banks to respective SBP
BSC office latest by January 31, 2021, duly verified by the concerned FEOD.
i. UT-DE-II - Undertaking to be submitted by the direct exporter - (Annexure. XII)
ii. UT-IDE-II Undertaking to be submitted by the indirect exporter - (Annexure. XIII)
iii. Form DE-3 - Application form for the direct exporter - (Annexure. XIV)
iv. Form IDE-2 - Application for the indirect exporter - (Annexure. XV)
Documents
Required v. Form EE-120 - (Annexure. XVII)
vi. Form EF-1 21 - (Annexure. XVIII)
vii. Form EP22 - (Annexure. XIX)
viii. D.P Note - (Annexure. VI)

19 https://www.sbp.org.pk/smefd/circulars/2020/C5.htm
20 A statement showing particulars of export receipts in respect of eligible commodities under part-II of the export finance scheme
(used for the entitlement of limit)
21 A statement showing particulars of export receipts in respect of eligible commodities under part-II of the export finance scheme

(used for matching performance)

22 A statement used for rollover of loan under EFS part-II showing detail of shipment made against already availed loan amount

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ix. SPO - (Annexure. IV)

x. Claim Form - for a refund of performance-based markup benefits - (Annexure. XX)
i. An exporter may obtain finance limit from more than one bank to the extent of 50% of
the export proceeds realized through each bank during the preceding year.
ii. The limits may also be switched between any two banks, if the exporter so desires,
with the consent of both the banks. In such case, the exporter shall submit all copies
of the Form EE-1 duly authenticated by the bank through which the proceeds were
Other
Information realized. Further, a NOC to be submitted to the bank from which the finance is desired
to be obtained and declare that he has not obtained any export finance from the former
bank.
iii. Similarly, by getting a NOC from sanctioning/verifying office, limits can be
transferred from one SBP BSC Office to other SBP BSC Office subject to the condition
that no duplicate financing is involved.

2.3. Procedures to Avail the Facility

i. To obtain this facility, the direct exporter can apply on the prescribed form DE-3 (Annexure. XIV) and
undertaking form UT-DE-II (Annexure. XII) to his bank along with form EE-1 (Annexure. XVII). The
EE-1 form should be submitted in triplicate, the copies being marked as “original”, “duplicate” and
“triplicate”.
ii. The indirect exporter can apply on the prescribed IDE-2 (Annexure. XV), undertaking form UT-IDE-II
(Annexure. XIII) to his bank along with SPO (Annexure. IV) – issued by the bank of direct exporter on
the request of the direct exporter.
iii. The concerned bank will verify the entries in the application and authenticate the correctness of the
entries on all the copies. No bank shall authenticate more than three copies of the Form EE-1 in respect
of any exporter for any period.
iv. The bank will allow finance limit to the exporter on the above basis and will send all copies of Form EE-
1 in respect of each case to the FEOD of the respective office of SBP BSC for verification of realization
of proceeds.
v. After verifying the forms, the concerned FEOD shall return the original and duplicate copies of the EE-
1 to the concerned bank while retaining the third copy.

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vi. The commercial banks can claim the refinancing from the concerned SBP BSC office on the prescribed
From EB provided in Annexure. XVI.
vii. Exporters availing financing facilities under this part the scheme shall continue to submit EF-1 statement
duly verified by the respective offices of FEOD, SBP-BSC within two months from the completion of
the financial year.
viii. To rollover the facility, after completion of the initial 180 days or at an earlier date, exporters have to
submit a statement as per Form - EP (Annexure. XIX. SBP-BSC shall not allow the rollover facility unless
shipments to the extent of 70% of refinancing availed are made. Banks will be required to forward duly
authenticated copy of the said statement of shipments to the concerned office of the SBP-BSC along-
with the loan application for rollover.
ix. Compliance to the requirements of rollover of the facility shall invariably be checked by the verifying
teams of the concerned office of the SBP-BSC, which shall not be substituted for the normal inspection
by BID of the SBP.
x. The borrowings of a bank under this part of the facility from SBP BSC shall not exceed at any time the
total amount lent to the concerned exporter. For any default on this account, the bank shall be liable to
pay fine as prescribed under the scheme provided at Annexure. IX.
xi. To save an exporter from the unnecessary imposition of fine on account of shortfall in performance at
the time of matching his export performance with his borrowing under this part of EFS, the SBP BSC
office will serve a notice to the concerned bank of the exporter 15 days before levying of such fine.
xii. The exporter may arrange the required amount of fine in the said 15 days out of his excess/surplus
performance, if any, with some other bank(s) falling in the jurisdiction of other offices of SBP BSC
along-with NOC from such offices. No NOC will, however, be required to be submitted to the concerned
SBP BSC office if the combined export performance of the exporter from all the banks falls within the
jurisdiction of the same office of SBP BSC.

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SECTION THREE

ISLAMIC EXPORT
REFINANCE
SCHEME

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3.1. Islamic Export Refinance Scheme: An Overview

With the introduction of specialized Islamic banking institutions in the country, the SBP has added
a new mode of financing to the EFS as ‘Islamic Export Refinance Scheme’ against eligible
commodities. The scheme operates in two forms i.e.
• Islamic Export Refinance Scheme – Part I: Transaction-Based
• Islamic Export Refinance Scheme – Part II: Performance-Based
Under this scheme, refinancing from SBP can be availed by the dedicated branches of commercial
banks that would work as standalone branches for providing the Islamic Banking Products and
Services against financing facilities extended by them to the exporters.
SBP provides refinance facilities to these banks under Section 17 6-B of the SBP Act 1956 on
Musharaka principle, which operates on profit and loss sharing basis. The financing limit provided
to the Islamic Banks in the first year of their operations is equivalent to a maximum of 1.5 times
of their Equity / assigned capital. Subsequently, the limit is fixed keeping in view their
performance as a bank, appetite for credit and non-performing loans. Each Islamic bank is liable
to create a Musharaka pool consisting of financing to Blue-Chip companies on Islamic modes.
The Blue-Chip companies include companies involved in the export business or other business or
both, or a manufacturing concern marketing their products in Pakistan or abroad who;
• Have a good track record on the stock exchange; or
• Have a rating of minimum B + or equivalent by the rating agencies approved by SBP for
rating banks in Pakistan, such rating should be acceptable to the bank as per its lending
policies, for advancing loans; or
• Return on Equity (ROE) during the last three years which should be at least higher than the
rates of finance prescribed by the SBP during those years on its conventional EFS. In case
of a company, which is in operation for less than three years, the ROE of the available
number of years shall be considered as sufficient; and
• Does not have adverse Credit Information Bureau (CIB) report as also no export over dues
that are not realized during a period of more than one year.
Such Musharaka Pool shall have a minimum of 10 companies, with diversified lines of business
to avoid concentration in one or two sectors, and the exposure to one sector should not exceed 50%
of the total Musharaka Pool. The Islamic Banks legally bound to achieve the minimum number of

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the companies within the first year of availing facilities under the Scheme. Further, they have to
furnish details in respect of the pool to the Refinance Division of the Small & Medium Enterprises
Department of SBP quarterly as per Form -1 attached at Annexure. XXI.

Particulars Islamic Export Finance Scheme (IEFS) - Part-I: Transaction-Based

3.2. Basic Information and Scope of IEFS Part-I
iii. The facility provides financing to the exporters of eligible goods to the extent of 100%
of the value of firm export order/contract / LCs.
iv. The total amount of financing extended by any bank against firm export order/contract
What is the
Scheme or LC to both Direct and Indirect exporters shall not exceed the total amount of the
About firm export order/contract or LC.
ii. It is a transaction-based facility which can be availed by exporters at pre-shipment
and/or post-shipment stage on case to case basis.
i. The refinance rate is not fixed under IERS. However, to provide a level playing field

Mark Up to the exporters, the Islamic Banks have to ensure that at the time of entering into an
Rate agreement the profit charged by them from the exporters should not exceed the rates
prescribed by the SBP under the conventional EFS.

Products ii. All major value-added commodities exported from Pakistan are eligible
Covered for financing with exception of basic and primary commodities/raw materials as
under the
Facility mentioned in the negative list provided in Annexure-I.
iii. Both direct exporters23 of the eligible goods and “indirect exporters/manufactures”24,
Who Can can avail the facility. The indirect exporters/manufactures can avail the facility at pre-
Apply?
shipment stage only.
i. Direct exporters can avail the facility for 180 days.
ii. Indirect Exporter can avail the facility up to 120 days.

Loan Period iii. In case, both direct and indirect exporter avail the facility against a particular
LC/contract/firm export order, the combined period shall not exceed 180 days from
the date of the first disbursement.

23 An entity which manufactures and exports, or trading company who procures exports.
24 A manufacturer or supplier who supplies inputs i.e. materials and goods to a direct exporter to be used for further processing and
/ or to be exported.
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iv. In the wake of Covid-19, the SBP “vide IH & SMEFD Circular No. 5 of 2020”25 has
extended the shipment period to Six months (180 days) in which shipment is falling
due from January 2020 till June 30, 2020.
For Direct Exporters:
i. Application /Undertaking on Form 3 - (Annexure. XXIII)
ii. Shariah Compliant Financing Agreement - (Annexure. XXI)
iii. Demand Promissory Note (D.P. Note)26 from exporter - (Annexure. XXV)
iv. Export Order/Contract/Letter of Credit
v. “EE-1 statement”27 - (Annexure. XXIX)
vi. Original duplicate copy of ‘Form E’28 (in case facility availed at the post-shipment
stage)
vii. Bill of lading/Airway bill (in case facility availed at the post-shipment stage)
viii. Export Proceed Realization Certificate (EPRC)
Documents
Required ix. Invoice (in case facility availed at the post-shipment stage)
For Indirect Exporters:
i. Application/Undertaking on Form 4 - (Annexure. XXIV)
ii. Shariah Compliant Financing Agreement - (Annexure. XXI)
iii. Demand Promissory Note (D.P. Note) - (Annexure. XXV
iv. “Inland Letters of Credit (ILC)29/Standardized Purchase Order (SPO)”30
v. EE-1 statement - (Annexure. XXIX)
vi. Invoice
vii. Truck/Railway receipt
viii. Goods Received Note (GRN) / Delivery Challan singed by buyer.

25 https://www.sbp.org.pk/smefd/circulars/2020/C5.htm
26 A promissory note is a financial instrument that contains a written promise by one party (the note's issuer or maker) to pay
another party (the note's payee) a definite sum of money, either on demand or at a specified future date.
27 A statement containing details of exports proceeds realized from the exports of eligible goods by the exporter during the

previous fiscal year.

28 Stands for Export Form which is issued by the dealing Bank to make exports. It is a mandatory declaration to the Bank that an

export is intended to be made against realization of the foreign exchange which either has arrived in the exporting country or is
contracted to arrive after shipment maturity.
29 It is issued to meet out the credit requirement for domestic trade. This is a form of non-fund-based credit extended by the banks.
30 The direct exporter, who has a firm export order / contract / LC may request his bank to open an ILC in favor of the indirect

exporter or he (the direct exporter) may issue SPO (as per specimen at Annexure-IV) in favor of the indirect exporter.
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iii. In case direct exporter fails to make shipment under the relevant firm export order
/LC/contract for which he has availed the finance, he is liable to produce shipping
documents evidencing shipment of the export of same or any other eligible commodity
valuing the amount of loan, in respect of another firm export order /LC/contract.
Substitution
However, the direct exporter will have to undertake and confirm separately that he has
of Export
LC/Contract neither availed any finance under existing EFS (from any of the conventional banks)
against any such new export order /LC/contract nor has reported or would report any
entry of relevant “E” Forms already utilized by him under this scheme or existing EFS.
iv. No facility of substitution is available to the indirect exporter in respect of the supply
of inputs to the direct exporters.

3.3. Procedures to Avail the Facility under IEFS Part-I

i. To avail the facility a direct exporter can submit an application on the prescribed ‘Form 3’ (provided in
Annexure-XXIII) to the Islamic bank against LC or on receipt of a firm export order. While an indirect
exporter can process his application as per prescribed ‘Form 4’ (Annexure-XXIV) against an ILC or SPO
to his bank. The direct exporter who has a firm export order/contract / LC may request his bank to open
an ILC in favour of the indirect exporter or the direct exporter may issue SPO as per specimen at
Annexure-IV in favour of the indirect exporter31.
ii. The bank concerned is responsible for scrutiny of documents submitted by the exporters. The on-site
verification team of SBP BSC and inspectors of BID or any other authorized officer of SBP shall examine
the cases of finances of the bank under the scheme while making a regular or special inspection of the
bank. Further, to that in case of the indirect exporter, his financing bank is liable to certify that the facility
availed by the indirect exporter is covered by an export order/contract or LC of the direct exporter and
proof of shipping there-against may be collected from the banker of the direct exporter in this regard.

31 The indirect exporter would be under obligation to supply the required inputs in accordance with the terms of the ILC/SPO,
failing which he shall be liable for fines under the Scheme @ Paisa 37 per day per Rs.1,000/= or part thereof. Payment of such
fines shall, however, not absolve him for his liabilities to the direct exporter.
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iii. The Islamic banks, after providing finance to the direct/indirect exporters can avail musharaka finance
from SBP BSC via an application on Form 2 provided at Annexure. XXII giving full particulars of the
respective exporters. The concerned office of the SBP BSC will make available the amount to the Islamic
Bank and is obliged to release the facilities within 48 hours of receipt of the application complete in all
respect including a demand promissory note on the prescribed format provided at Annexure. XXV.

iv. The direct exporter shall be liable to submit the proof of shipments to the Islamic bank concerned against
the loan availed under the facility within 30 days from the expiry of the loan period or from the date of
the last shipment whichever is earlier. He is also liable to submit EPRC evidencing realization of export
proceeds as per instructions of the Exchange Policy Department (EPD) of the SBP.
v. In case shipping documents are not received by the bank from the exporter, on or before 30 days from
the expiry of the loan period, the Islamic bank shall be required to impose and recover fine32 from the
concerned exporter treating the case as that of non-shipment and pass on the fine so recovered to SBP
within three working days from such recovery.
vi. The exporter concerned shall be entitled to refund of fine so recovered, on submission of the relevant
documents and after adjusting the fine that may be applicable for delayed shipment and delayed
submission of shipping documents. The Islamic bank concerned shall submit the details of such exporters
qualifying for the refund to the concerned office of SBP BSC for claiming refund of fine as per prescribed
format (Annexure. XXVI). The SPB BSC shall refund the same to the bank concerned, if found justified
and the bank would be liable to pass on the refund amount to the exporter concerned on the following
working day, without any delay.
vii. The loan granted to the indirect exporter, along with profit thereon, shall be adjusted upon delivery of the
inputs and payment under the ILC/SPO or at the expiry of the period of 120 days, whichever is earlier.
The indirect exporter is liable to submit documents, evidencing utilization of the loan to the bank within
15 working days of the supply of goods to the direct exporter.

32
Fine at the rate of Rs 2000 for the default and Rs. 100 per day for each day of default from will be charged from exporters and
passed on to the concerned office of SBP within 3 working days.
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Particulars Islamic Export Finance Scheme (IEFS) - Part-II: Performance-Based

3.4. Basic Information and Scope of IEFS Part-II
i. A performance-based facility where the exporters can avail the financing equivalent to
50% of export proceeds realized through the export of eligible commodities in the
preceding financial year (July-June).
ii. The export performance of an exporter is matched annually against total loan availed
What is the during the financial year against every application submitted by the exporter. In case
Scheme
of shortfall in performance /non-export, fine will be imposed as prescribed under this
About
part of the scheme33.
iii. The exporters are free to utilize the facility within entitlement of limit for the whole
year, however, the refinance limits sanctioned based on financial year are due to expire
on 30th June each year.
i. The refinance rate is not fixed under IERS. However, to provide a level playing field

Mark Up to the exporters, the Islamic Banks have to ensure that at the time of entering into an
Rate agreement the profit charged by them from the exporters should not exceed the rates
prescribed by the SBP under the conventional EFS.

Products i. All major value-added commodities exported from Pakistan are eligible
Covered for financing with exception of basic and primary commodities/raw materials as
under the
Facility mentioned in the negative list provided in Annexure-I.
i. Exporters of the eligible goods can avail the facility.
Who Can
Apply? ii. Indirect exporters/manufactures”
i. Direct exporters can avail the facility for 180 days.
ii. Indirect Exporter can avail the facility up to 120 days.

Loan Tenor iii. In case, both direct and indirect exporter avail the facility against a particular
LC/contract/firm export order, the combined period shall not exceed 180 days from
the date of the first disbursement.

33
Fine at the rate of Paisa 37 per 1000 of the product of the shortfall as required under the scheme.
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iv. In the wake of Covid-19, the SBP “vide IH & SMEFD Circular No. 5 of 2020”34 has
extended the shipment period to Six months (180 days) in which shipment is falling
due from January 2020 till June 30, 2020.
For Direct Exporters:
i. Application /Undertaking on Form 3 – (Annexure-XXIII)
ii. Shariah Compliant Financing Agreement - (Annexure. XXI)
iii. Demand Promissory Note (D.P. Note) from exporter – (Annexure-XXV)
iv. Export Order/Contract/Letter of Credit
v. EE-1 statement – (Annexure-XXIX)
vi. EF-I Statement – (Annexure-XXX)
vii. Export Proceed Realization Certificate (EPRC)
Documents For Indirect Exporters:
Required
i. Application/Undertaking on Form 4 – (Annexure-XXIV)
ii. Shariah Compliant Financing Agreement - (Annexure. XXI)
iii. Demand Promissory Note (D.P. Note) – (Annexure-XXV)
iv. Inland Letters of Credit (ILC) /Standardized Purchase Order (SPO)
v. EE-1 statement – (Annexure-XXIX)
vi. Invoice
vii. Truck/Railway receipt
viii. Goods Received Note (GRN) / Delivery Challan singed by buyer.

34 https://www.sbp.org.pk/smefd/circulars/2020/C5.htm
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3.5. Procedures to Avail the Facility under IEFS Part-II

i. To obtain this facility, the direct exporter can submit to his bank an application on Form 3 (Annexure.
XXIII), demand promissory note (Annexure. XXV), and Form EE-1 (Annexure. XXIX). The EE-1form
needs to be submitted in triplicate, the copies being marked as “original”, “duplicate” and “triplicate”.
ii. The indirect exporter can submit the application on prescribed Form 4 (Annexure. XXIV) to his bank
along with SPO (Annexure. IV) issued by the bank of direct exporter on the request of the direct exporter.
iii. The concerned bank will verify the entries in the application and authenticate the correctness of the
entries on all the copies and will forward the same to Exchange Verification Unit (EVU) of the concerned
SBP BSC office on the prescribed form provided at Annexure. XXVII.
iv. After verification, the concerned EVU shall return the original and duplicate EE-1 to the concerned bank
and retains the third copy within a maximum period of 25 days from the receipt of the same. The Islamic
Bank concerned will resubmit the verified copy of the Duplicate Form EE-I to the Refinance Division
of the relevant office of SBP-BSC on or before 31st August each year to report entitlement of the limit
and finalize the same by the office concerned.
v. The bank will allow finance limit to the exporter on basis of verified Form EE-1and such limit should
have to be shariah-compliant as approved by shariah board of Islamic Bank.
vi. The concerned office of the SBP BSC will make available the refinance to the Islamic Bank in an amount
equivalent to the facilities extended by the Islamic Bank to its clients under the Scheme. The concerned
office of the SBP BSC is legally bond to release the facilities within 48 hours of receipt of the
application complete in all respect.
vii. Exporters availing financing facilities under this part the scheme shall continue to submit EF-1
(Annexure. XXX) statement duly verified by the respective offices of EVU within two months from the
completion of the financial year.

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ANNEXURE
I. Negative List- List of Commodities not Eligible for Export Refinance under the
Export Finance Scheme
Harmonized Code
Sr.
Commodity Main HC
No Sub Heading No.
ITC
52.01
Raw Cotton
(Excluding Surgical 52.02
1 1404.2
Bleached /
Absorbent) 52.03
52.03
52.05 5207.1000
2 All Types of Yarn
52.06 5207.9000
02.01
02.02
02.03
Mutton and Beef Excl. Only frozen & preserved Edible Offal of bovine animals
02.04
3 other than frozen & covered under HS. Code No.02062900.
02.06
preserved Excl. 0208.20. Frog Legs
02.08
16.01
16.02
27.08
27.10 Excl. 2710.0011 Motor Spirit.
27.11
Excl. 2712.1000 Petroleum Jelly Excl. 2712.2000 Paraffin
4 Petroleum Products 27.12
wax.
27.13
27.14
27.15
6.01 (Excl. Rose Buds / Flower)
6.02 (Excl. Sassafras Leaves)
12.11
Crude Vegetable 12.13
5
materials n.e.s. 12.14
(Excl. Guar Gum Extract / Guar Protein / Liquor ice
13.01
Extract/Asafetida Hing).

13.02

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14.01 (Excl Lithospermum Viaticum Rattan Jot)

14.02
14.03
14.04 (Excl. Henna Powder) (1404.1010)
5.02
5.03
51.01
Wool & Animal
6 51.02 (Excl Wool Tops) (5105.29)
Hair
51.03
51.04
51.05
04.07
04.08
05.04 (Excl. Animal Casings & Fatends)
05.05
Crude Animal 05.06
7
Material 05.07 (Excl. Bones).
05.08
05.09
05.1
05.11
10.01
10.02
10.03
10.04
10.05
10.06
All Grains including
8 10.07
Grain Flour
10.08
11.01 (Excluding Packeted Irri /Basmati / Parboiled / White/Broken
11.02 Rice in retail packets of 1-50 kgs). Moreover, the export of
11.03 Brown Rice in bulk/lose packing is also eligible under EFS.
11.04
11.06
25.05
Stone, Sand and 25.06
9
Gravel. 25.07
25.14

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(Excluding: Onyx, marble and Granite tiles/slabs polished or

25.15 unpolished cut into regular size with a maximum thickness of
one inch.

25.16
25.17
25.2
25.21
23.03 2303.10 (Excluding Rice Gluten)
23.04
23.05
23.06
23.07
23.08
26.18
26.19
26.2
26.21
Waste & Scrap of all 39.15
10
kinds 41.1
47.07
55.05 5301.3
57.03 5303.9
71.12
72.14
74.04
76.02
78.02
79.02
80.02
3101
11 Fertilizer Crude 25.1 3102.5
3104.1

Jewellery exported (Excluding Gold Jewelry embedded with or without

under the precious/semi-precious stones to be financed as per BPD
12
Entrustment Circular No.12 of 2003 on case by case basis against Firm
Scheme. Export Order/LC.

01.01
13 Live Animals 01.02
01.03

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01.04
01.05 (Excl. Hatching Eggs & Day Old Chicks
01.06
41.01
14 Hides & Skins 41.02
41.03
41.04 4104.21 to 4104.29
41.05 4105.11 to 4105.19
15 Leather Wet Blue
41.06 4106.11 to 4106.19
41.07 4107.21
25.01 (Excl. Refined / Treated Salt)
25.02
25.03
25.04
25.07
25.08
25.09
25.11
25.12
25.18
16 Crude Minerals 25.19
25.22
25.25
25.26
25.27
25.28
25.29
25.3
27.01
27.02
27.03
17 Antiques 97.06
26.01
26.02 (Excl. Magnesite in the processed form)
26.03 (Excluding Blister Copper 26.03 & 74.01)
18 All Metal Ores 26.04
26.05
26.06
26.07
26.08

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26.09 (Excl. Chrome concentrates in the processed form 26.10).

26.1
26.11
26.12
26.13
26.14
26.15
26.16
26.17
74.01
75.01
43.01
19 Fur Skins 43.02
43.03
44.01
44.02
44.03
44.04
Wood in rough or
20 44.05
squared
44.06
44.07
44.08
44.09
Bleached / (Excl. Bleached / unbleached cloth exported at a price of
21
Unbleached Cloth above US $ 2.50 (or equivalent)/square meter.

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II. Form-B Application Form for Direct Exporters Under EFS Part-I
FORM “ B “
APPLICATION / UNDERTAKING FOR FINANCE
(FOR PRE/POST SHIPMENT UNDER PART I TO BE SUBMITTED BY THE DIRECT EXPORTER)
(To be executed on non-judicial stamp paper)

The Manager,
Bank Limited,
Branch,
(CITY)

Dear Sir,
I/We, the Direct exporters do hereby certify and confirm that a finance of Rs.
(Rupees only) has been
allowed to me/us by you under Part-I of the Export Finance Scheme of the State Bank of Pakistan on the
basis of the following non- interest based mode, it being understood that return / profit to be derived
by the bank shall not exceed % when converted into annual percentage terms:- MODE OF
FINANCING MARK-UP BASIS
2. I/We, further confirm and undertake that the aforesaid finance will be obtained by
Me/us for export of an eligible commodity hereunder against valid firm export order/contract/letter
of credit* in my/our possession.
3. I/We, further confirm and undertake that the aforesaid amount of finance that will be
availed by me/us shall be utilized exclusively to meet the cost / expenses of export of eligible
commodities against firm export order/contract/letter of credit, particulars of which are given as
under :-
Amount of firm export
order/contract/letter of credit
Commodity of Exports Amount in Expected
Country of export Amount in Value
with H.S. Code No. No. Date equivalent Pak Shipment Date
FCY Date
Rupee
1. 2. 3. 4. 5. 6. 7. 8.

4. I/We, do certify that the finance is being obtained by Me/Us against bonafide
transaction and I/We submit the following documents along-with this application for your
consideration of extension of finance facility to us from your bank under the Export Finance Scheme;
Pre-shipment Post-shipment
Firm export order / contract / letter of credit
Firm export order / contract / letter
1 along-with acceptance from buyer in case of
of credit
discrepant documents
2 DP Note duly executed in your favour DP Note duly executed in your favour.
Original duplicate of Form ‘E’.
Invoice
Bill of Lading / Airway Bill
5. I/We, certify and confirm that I/We have not obtained any finance against the above
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mentioned firm export order / contract / letter of credit / Inland letter of credit/standardized purchase
order from any other Bank, except as under.
Amount of FEO/Contract/L/c
Less: Amount of loan already taken Balance Amount
Amount of Loan now being obtained

6. I/We, do, hereby further undertake to submit the following documents for
negotiation / collection against the firm export order/contract/letter of credit under which pre-
shipment / post-shipment* finance has been allowed to Me/Us :-

Pre-shipment Post-shipment
1. Bill of Lading / Airway Bill Export Proceeds Realization Certificate within a period
of 120 days from the date of shipment or such extended
time as prescribed under foreign exchange
regulations.

2. Invoice
3. Original duplicate copy of Form
‘E’

7. I/We, further undertake that as the finance has been allowed to Me/Us as a post
shipment facility the export proceeds against the documents involved will be appropriated
immediately towards repayment of the finance allowed to Me/Us.
(To be used in case of post shipment finance only)
8. I/We, hereby confirm and agree that in the event of My/Our failure to effect
shipment on or before 180 days and/or failure to submit the above mentioned documents to you within
30 days of the expiry date of finance, you have our Irrevocable Authority to recover from Me/Us
and debit My/Our Account No. maintained with you along-with fine for non shipment, at
rates prescribed by the State Bank of Pakistan from time to time on the amount of finance availed
less the amount repaid as a result of part shipment, if any, from the date of original finance. I/We,
authorize the bank to reimburse itself with the fine amount even if we have made a representation
to SBP against imposition of fine under the Scheme.
9. I/We, do hereby further confirm and undertake that the documents in respect of the
aforesaid Firm Order or Contract / L/C will be realized / negotiated by Me/Us through your Branch /
Bank and proceed thereof will be appropriated immediately on realization / negotiation towards the
aforesaid finance allowed by you to Me/Us.
10. I/We, do hereby further undertake that I/We shall not claim refinance against any
amount of advance payment received from the buyer and that in case any such advance payment is
received under the said firm export order/contract or letter of credit, if any, the same shall be
surrendered to the bank towards repayment to SBP within three working days failing which I/We shall
be liable to pay the fine for late repayment at the rate prescribed by SBP from time to time on the
amount and the period involved./We, do hereby confirm that where an Inland Letter of Credit
(ILC/Standardized Purchase Order (SPO)* has been established/opened or will be opened it is
understood that I/We in my/our capacity as Direct Exporter shall remain liable for fulfilment of all
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the obligations under the said Scheme. I/We further certify that where supplies of inputs/finished
goods made under the SPO/ILC are required these shall be used for the manufacture and export of
only such commodity which are duly eligible for financing under the Scheme. I/We further confirm
and undertake that in case of establishment of ILC or opening of SPO by Me/Us during the currency
of the finance, the amount shall be allowed by Me/Us to be utilized by the Indirect Exporter to the
extent of the amount and the period involved.

11. I/We further confirm and undertake that in case if the finance is repaid by Me/Us
earlier than the due date, I/We, shall continue to be liable to submit to you the relevant proof of
shipment of the goods for which the finance was made to Me/Us.
12. I /We, M/s. ……………………………….. certify that no export bills except those
mentioned below are overdue for repatriation, the details of which are as under:-
Sr. No. E Form No. Shipment date Amount (Fcy) Banks
I / We further certify that the export proceeds on the above mentioned bills have not been repatriated
for following reasons which are beyond my / our control.
SIGNATURE VERIFIED BY THE BRANCH / BANK
* Strike out whichever, is inapplicable.
AUTHORIZED SIGNATURE OF THE EXPORTER
N.T.N.
STATUS: Manufacturing / Semi Manufacturing / Trading Co. { Write only applicable here }
MAILING ADDRESS:

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III. Form C- Application form for Indirect Exporter Under ESF Part-I
FORM “ C “

APPLICATION / UNDERTAKING FOR FINANCE UNDER PART I

(TO BE SUBMITTED BY THE INDIRECT EXPORTER)
(To be executed on non-judicial stamp paper)

The Manager,
Bank Limited,
Branch,
(CITY)
Dear Sir,
I/We,___________________the Indirect* exporters do hereby certify and
confirm that a finance of Rs.__________________________ Rupees _____
only) has been allowed to me/us by you under Part-I of the Export Finance Scheme of the State Bank of
Pakistan on the basis of the following non-interest based mode, it being understood that return / profit
to be derived by the bank shall not exceed % when converted into annual percentage terms:-
MODE OF FINANCING MARK-UP BASIS
2. I/We, further confirm and undertake that the aforesaid finance will be obtained by
Me/Us for supply of commodities described by me/us hereunder against valid Inland letter of
credit/Standardized purchase order* established/issued in my favour by (name of the Direct exporter).
I/We, further confirm and undertake that the aforesaid amount of finance that will be availed by me/us
shall be utilized exclusively to meet the cost / expenses of supply of described commodities against
Inland letter of credit / Standardized purchase order, particulars of which are given as under :-

Commodity to be Inland letter of credit / Expected Particulars of Direct Exporters

supplied Standardized purchase order Supply
Date
No. Date Amount FEO/Contract/L/ No. Date
Cs.
1. 2. 3. 4. 5. 6. 7. 8.

3. I/We, certify and confirm that I/We have not obtained any finance against the above
mentioned Inland letter of credit/standardized purchase order from any other Bank.
4. I/We, do, hereby further undertake to submit the following documents for
negotiation / collection against the Inland Letter of Credit / Standardized Purchase Order under which
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pre-shipment finance has been allowed to Me/Us :-

6.3 Invoice
6.4 Truck / Railway receipt.
6.5 Goods Received Note GRN / Delivery challan signed by the buyer.

5. I/We, hereby confirm and agree that in the event of My/Our failure to effect supplies
on or before 120 days and/or failure to submit the above documents to you within 15 days from the
expiry date of finance, you have our Irrevocable Authority to recover from Me/Us and debit My/Our
Account No.
maintained with you along with fine for non supply at the rate as prescribed by the State Bank of Pakistan
from time to time on the amount of finance availed less the amount repaid as a result of part supply, if
any, from the date of original finance. I/We, authorize the bank to reimburse itself with the fine
amount even if we have a made a representation to SBP against imposition of fine under EFS.
6. I/We further confirm and undertake that in case if the finance is repaid by Me/Us
earlier than the due date, I/We, shall continue to be liable to submit to you the relevant proof of supply
of the goods for which the finance was made to Me/Us.
SIGNATURE VERIFIED BY THE BRANCH / BANK
Strike out whichever, is inapplicable.
AUTHORIZED SIGNATURE OF THE EXPORTER
N.T.N.
STATUS: Manufacturing / Semi Manufacturing / Trading Co. { Write only applicable here }
MAILING ADDRESS:

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IV. Standardized Purchase Order (SPO) for purchase of Inputs by the Direct Exporter
from Indirect Exporter

SPO: No. Date Amount

Name & Address of the Direct Exporter (DE)

Name & Address of the Banker of the Direct Exporter
Name & Address of the Indirect Exporter (IDE)
Name & Address of the banker of the IDE
Reference of the Firm Export Order / L.C. No. Date
Particular of the commodity to be purchased:-

Commodity with Quantity Value Due Date of Payment Terms

its Harmonized Total Delivery Advance, if On delivery Total
Code any
I Ii iii Iv V vi Vii
Particulars in respect of exporter who intend to use inputs under Part-II:-
Entitlement of Amount Total Amount of Total value Total value of Balance
the DE under finance amount of the present of SPOs the outstanding entitlemen
Part II fixed by provided as SPOs SPO (c + d) ILC t (a-b-e-f)
the bank. on date. already
issued
A B C D E F G
Certified that the above contents are correct to the best of our knowledge and belief, and the above items
being purchased / to be supplied shall be used for execution of an export order / L.C.
Authorized Signature of the Direct Exporter
Authorized Signature of the IDE
Authorized Signature of the Bank of the DE

* Instructions for filling of the table :-

a) Entitlement means the amount of financing facility to which the Direct Exporter is eligible under Part II of the
Scheme financed through the bank stated at Sr. No.2 above.
b) Amount of finance means the finance provided by the stated bank to Direct Exporter for (i) his own value addition,
and (ii) supplies already received by the DE against ILC or SPO.
c) Total amount of SPO means the sum total of all SPOs already issued, however payment against them are yet to be made
by the financing bank to the banker of the IDE.
d) Total value of outstanding ILCs means sum total of the ILC already issued but yet to be negotiated.

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V. Refinance Claim Form for Commercial Banks from SBP BSC

To, FORM “D“

The State Bank of Pakistan,
_________________________
_____________________________

Dear Sir,

In terms of the agreement executed by us with you on (Date) we hereby apply to you for refinance to
the extent of Rs. against finances provided by us to (name of the Direct/
Indirect Exporter) by way of export finance as per details given as under :-

1 Name of Branch:
2 Name of Exporter
3 Address of Exporter
4 Particulars of Exporter:-
i) Type of exporter Direct / Indirect*
ii) Status of exporter Corporate/Medium/Small *
iii) NTN Number
iv) Export Regn. No.
v) Whether first time exporter Yes/No*
5 Nature of business Manufacturing / Semi manufacturing
/ Trading *
6 Finance provided against Export order/Contract/Letter of
credit/Inland letter of
credit/Standardized purchase order *
7 Particulars as to amount of Export order / Contract /
Letter of credit/Inland letter of credit/Standardized
purchase order :-
i) Name of buyer
ii) No.
iii) Date
iv) Currency
v) Amount in Foreign Currency, (if applicable)
vi) Exchange rate
vii) Amount in Pak Rs.

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8 Particulars as to inputs of Export

order/Contract/Letter of credit/Inland letter of
credit/Standardized purchase order:-
i) Domestic inputs
ii) Foreign inputs (FC)
iii) Value addition
iv) Total amount
9 Amount of Finance granted
i)10 Date of Finance
ii) Rate of Finance/Refinance

11 Commodity to be Exported / supplied (HS Code)

12 In case of post shipment date of shipment.

13 Destination.

14 In case financing has been extended to an Indirect

Exporter:
i) Direct exporters name
ii) Firm export order /contract/Letter of credit
iii) Date
iv) Commodity
15 Due date of shipment/supply
16 Due date of repayment of finance
17 Amount of finance already availed by the exporter
against the Export order/Contract/Letter of credit
mentioned in column 7 above
18 Amount of refinance requested
i)
19 Amount of overdue bills
ii) Reasons for allowing EFS despite Overdue bills

As provided in the said Agreement we enclose demand promissory notes for Rs (in figures)
(Rupees (in words) only) duly executed by us in your favour in respect of the finances sanctioned
and disbursed by us to (name of the Direct/ Indirect Exporter)

We hereby certify that we have obtained all the necessary documents in original as required under
the Scheme and undertake to retain the same as per provisions of the Scheme and further that these have
been checked and found in order and duly stamped. .

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We also authorize SBP to recover the amount of refinance along-with fine, if any, in case the
amount is not repaid by us on due date as specified above.
Authorised Signature of Bank Authorised Signature of Bank
(Name & Designation) (Name & Designation)
* Strike out, whichever is inapplicable
Note:-

1) Refinance Claim Form is required to be submitted separately for each exporter along-
with D.P. Note of the amount of Loan.

2) For filling Column: No.8. Please specify all types of inputs for manufacturing the
commodity.

3) The bank concerned will provide finance to IDE’s for supplies of domestic inputs, in case
authorized by the direct exporter on the basis of ILC/SPO through that bank only.

4) Existing instructions with reference to ILC / SPO shall continue.

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VI. Form A- Demand Promissory Note EF

FORM ‘A’
FORM OF THE AGREEMENT TO BE SUBMITTED BY THE
PRINCIPAL / HEAD OFFICE OF THE SCHEDULED BANK
(TO BE STAMPED AS AN AGREEMENT IN ACCORDANCE
WITH THE LAW IN FORCE IN EACH PROVINCE).
__________________ -----------------(Place)
__________________ ------------------(Date)
To,
The State Bank of Pakistan,
___________________
Dear Sir,
In consideration of your agreeing at our request, to make available refinance at your discretion to
us
from time to time under Section 17(2) (a) / Section 17(4) (c) of the State Bank of Pakistan Act,
1956, not
exceeding the sum of Rs._________ for which amount we have delivered to you a demand
promissory note in your favour, we agree as follows:-
(1) As security for the said refinance on each occasion on which we intend to avail refinance
against
finance extended by us, we shall deliver to you demand promissory notes acceptable to you and
drawn on and payable in Pakistan based on bonafide finances provided by us to exporters on the
basis of any one of the non interest modes of financing under the Export Finance Scheme and it
being understood that the aforesaid accommodation will be made and continued on the faith of the
truth and correctness of such certificates.
(2) We undertake that we shall not extend finance to any exporter under the terms of this agreement
unless we are satisfied that all parties liable thereon are financially sound, solvent and credit-
worthy
(3) We undertake that we shall at all times execute or maintain separate legal documentation and
records including export order / letters of credit / standardized purchase order / inland letters of
credit and further security documents, notes, bonds, agreements etc., including the assignment
deed of securities now held by us or which may be obtained by us from our borrowers
subsequently, as are adequate to safe guard our interest against the loan for which this agreement
has been executed. We also agree and undertake to keep all such documents in trust for a
reasonable period as per provisions of the Scheme. We further agree that you or any official
authorized by you shall have the right of inspection of our records and documents for which
refinance has been obtained by us and that you shall have the right to seek and obtain full assistance
and cooperation from us for discharging your duties and performing your functions.
(4) The profit to be earned by us from the exporters expressed in annual percentage shall not exceed
the rate prescribed under the Scheme, which profit shall be shared by us with you in the manner
laid down in the Scheme.
(5) Without prejudice to your right to obtain repayment of the amount of refinance outstanding at
any
time on demand, we undertake that the refinance taken by us on each occasion will be repaid by
us in the manner and within the maximum period prescribed under the Scheme. In case the exporter
repays the finance earlier than the said period we shall be bound to repay to you the amount of

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refinance so repaid by the exporter within a period of 3 working days of the date on which the
exporter repays the finance to us.
(6) Without prejudice to your rights as creditors against us for the realization of any bill of
exchange /
promissory note at maturity, we agree, if you so desire, to take at our expense, all steps as may be
necessary to
realize the money from our debtors and forthwith pay the same to you to the extent we are required
to pay our obligation in the manner specified in paragraph (5) above and pending such payments
shall hold the same for and on your behalf.
(7) We agree that the fact of your not taking steps to enforce payment of such demand promissory
notes or any of them against the signatory or signatories thereon shall in no way release us from
liability thereon and we further agree that it shall be unnecessary for you to give any notice of
dishonour.
(8) We agree that in default of repayment by us on the demand promissory note executed by us or
if
demanded by you under the terms of clause 5 and 6 above, you have our authority not only to debit
our accounts now held or which may be held here-after with you for the amount due by us against
any or all of such demand promissory notes executed by us without further reference to you but
also to adjust or set off such amount against any amount which may be due from you to us or come
into your possession and that we undertake not to question the correctness or propriety of such
debits or set off on any ground whatsoever.
(9) We undertake to advise you promptly of any change in the position of any exporter provided
with finance by us under the Export Finance Scheme where-against refinance obtained from you
which can reasonably be considered to affect the security of the demand promissory note
hereunder.
(10) We agree that under this Agreement, the demand promissory note executed by us for
Rs.__________ (notice of dishonour of which promissory note is merely waived under Section 98
of Negotiable Instrument Act, 1881), and tendered by us in terms of clause 1 above and the
securities / security documents mentioned in clause 3 and shall operate as a continuing security for
the said refinance and all costs, under law notwithstanding the existence of a credit balance at any
time or any partial payments or fluctuations in accounts or withdrawal of any part of the security.
(11) If the exporter provided with finance by us under the Export Finance Scheme fails to utilize
the finance exclusively for the purposes prescribed or effect the supplies within the period
prescribed under the Scheme, we undertake to recover from him within 15 days following the date
of his failure to utilize the finance exclusively for the purpose, along-with fines at the rates as may
be prescribed by the State Bank from time to time. The fine so recovered will be passed on by us
to the State Bank not later than three working days afterthe date of recovery. If we fail to pass on
the fine as aforesaid you shall have the right to, (a) adjust or set off the same against any amount
due to us from you, or (b) debit our accounts now held or which may be held thereafter with you.
(12) Any demand to be made by you under the agreement shall be sufficiently made if it is made
in writing and addressed and sent by post or otherwise to our Head Office or our branch tendering
the document mentioned in clause 1 above.
(13) We agree to obtain an undertaking from the exporter concerned that the finances provided by
us to them, shall be exclusively used by them for financing exports or supplies of inputs and that
they would promptly furnish, at their expense, such information, in such form and at such time as
we may demand from time to time.

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(14) We expressly understand that you are entitled to cancel this refinance limit or to recall the
refinances at any time for any reason whatsoever or howsoever, without any prior notice to us and
that you are entitled not to make any refinances anytime under the aforesaid scheme and that we
have acquired no right or claim for demanding refinance from you by grant of the said lines of
credit under the Scheme or by the execution of demand promissory note in your favour or by
deposit of demand promissory note in your favour or by making a loan or advance to any borrower
on the faith of this agreement.
(15) We agree that all amounts received by us from the exporter/supplier for which refinance has
been obtained from you shall be applied by us in repayment of this refinance to you and till so
applied, shall be held by us for and on your behalf.
(16) We agree that notwithstanding anything contained elsewhere in this agreement the amount of
this refinance will become due and payable by us, if we commit breach of any of the terms and
conditions of this agreement. We agree that you have our authority to decide whether we have
committed breach of any of the terms and conditions of this agreement and that we shall not
question such decision on any ground whatsoever.
(17) We agree to hold the securities / security documents now held or which may be held by us as
security for the export finance given to the exporter/supplier as trust for you so long as any
refinance in respect of these advances remain outstanding from us and by way of security for due
repayment thereof and we undertake to deal with the same as you may direct. We further agree
that if and when we realize these securities or any part of it we shall pay over to you all such
realizations, to the extent required to pay our obligation and pending such payment, shall hold the
same for and on your behalf. We further agree to assign / transfer to you, at your demand and at
our expense, all such securities and security documents in your favour. We agree that despite such
assignment / transfer the provision of clause 8, 9 and 10 shall mutatis mutandis apply.
(18) Save as is otherwise provided in this agreement such contents of the Scheme as circularized
vide BSD Circular No. 35 dated the 28th September, 2001 as modified from time to time which
are relevant to thi Agreement shall be deemed to have been incorporated in this agreement.
Yours faithfully,
For and / on behalf of __________________
_________________________________
(Name of the Scheduled Bank)
(Signature) ______________________________
(Designation) ____________________________

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VII. Form to Claim refund of fine by Commercial Banks from SBP BSC

Name of the Bank *

DATE
The Chief Manager, State Bank of Pakistan,

Dear Sir,
Request for refund of fine(s) under Part-I

We request for refund of fines as per the following particulars in respect of refinance loans under
Part I of Export Finance Scheme:-
r. Nam Bra Demand Loan Status
Fine Date of Fine Recoverable Fine
N e of nch of charg Refund
o. the shipme
ed able
Expo nt for
rter non-
ship
ment
N Amo Da D D Act Fine Fine For For For To (10
o. unt te ue ue ual charg amo delay short delay tal minus
of da D dat ed to unt in ship in 16)
gr te at e expo pass submis ment ship
ant of e rter ed sion of ment
lo on to docum
an SBP ents
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17.

We confirm that the amount refundable and shown under Column 17 above is / are correct to the best of
our knowledge and that such cases shall be verifiable later by inspector of State Bank of Pakistan.

Yours faithfully,
(Authorized Signature) Name & Designation
* To be submitted by the dealing branch /Head Office of the bank concerned which availed
refinance from the respective office of SBP.

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VIII. Application Form to be submitted by Exporter for Extension of the Facility

STATEMENT OF PERFORMANCE AGAINST REFINANCE OBTAINED FROM SBP UNDER THE EXPORT
FINANCE SCHEME (PART-1) INCLUSIVE OF FINANCES/REFINANCES OBTAINED BY THE DIRECT OR
INDIRECT EXPORTES

Name of the Scheduled Bank:

Address (Branch)
Date.
Demand Loan No. Date of grant. Amount.
Date of receipt of shipping documents from the Exporter.
Name Name ELC/FEO ILC/SPO against No. of Name Commod Date Date of
and and against which which finance ELC/FEO of the ity of Supply*
addres addres finance was was obtained * against comm supplied shipme
s of s of obtained which odity * nt (As
the the N Amou Dat N Amou Dat shipment export per Amou Dat
Direct Indire o nt e o nt e was ed B/L) nt e
Export ct affected
er Export
er
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14.

Particulars
GRN / Date / Date / Amount Amount Profit Profit Date of
of relevant
Truck Amount Amount of / Period / Period /Return /Return realization
‘E’ forms receipts of refinance of of charged charged expected
Nos. in case
Railway finance obtained refinance refinance from DE from
of shipment
Receipts availed by from SBP utilized in utilized IDE(s)
by DE in case of exporter by the name by IDE
supplies financing of DE
by IDE * Bank
No Amount Amount Date
15. 17 18 19 20 21 22 23 24 25 26

We undertake and certify as under: -

i) that the contents of this statement are correct to the best of our knowledge and belief.

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that the shipments / E Forms reported in this statement have not been used / shall not be used by
us in duplication for reporting performance under Part-I or Part-II as the case may be in
violation of the provisions of Export Finance Scheme.
For and on behalf of
(Signature of the exporter) (Signature) (Signature)
Seal of the Exporter Designation Designation
* Information pertaining to the indirect exporter
Name of the Bank

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IX. Form EE-1 – EFS Part-I

(To be submitted in Triplicate)

PARTICULARS OF EXPORT RECEIPTS IN RESPECT OF ELIGIBLE COMMODITIES UNDER PART-I OF THE EXPORT FINANCE SCHEME
FOR THE MONITORING PERIOD…………………………………..
Full Name and Address of the Exporter Export Registration Number/NTN
Name and Address of the Bank

Sr. Expor Name Commodity *H.S. Contract/L.C. under Date Date Proceeds realized or to be realized Monthly Bill Remarks
No. t o Code which shipment made o o return and the Negotiate
Form f f f name of d
No Date Amount Amount Exchang Amount Date
No. Consignee (8 shipmen Negotiatio Office of /sent
. in e Rate in of
(Ful digits) t n SBP BSC fo
Foreign Pak Realization
No. to which r
Exchange . Rupees in
With realization Collection
cas
Prefix reported by /
e
) the bank Advance/
export
(As per Part
proceed
FEOD Payment
s requirement) (Specify)
already
realized
.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
* In case of mismatch b/w the commodity and HS code, Commodity will be considered as final for eligibility in EE-
1 and EF-1 statements to be submitted in FY 2011-12. However, in subsequent years in case of such mismatch Grand Total (To be shown on last Page on
between commodity &HS Code, the entry will not be considered for performance/entitlement until rectified. Sr No. Currency Amount Pak R
1 USD
I/We hereby solemnly affirm that the above statement does not include:- 2 Euro
(i) Any export of commodities which do not qualify for export finance under the Scheme. 3
(ii) The exports on usance basis reported in this Statement are against irrevocable letter(s) of credit which is/are eligible for Total
negotiation without reserve and the usance bills in respect thereof have not been negotiated with a scheduled bank in Pakistan except
those mentioned above. Signature of the Exporter
Countersigned by the Bank (Name and Designation of the Authorized Officer of the Bank).
(To be verified and authenticated by Foreign Exchange Operation Department/Division of concerned SBP BSC Office.

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IX. Fine under EFS Par-II

S. Nature of Rate of Fine

No. Default
I Short-fall in performance In case of non- performance, fine shall be charged at the rate
of Paisa 37 per Rs.1000 or part thereof (Product).
However, where performance is in excess of 50% of the
prescribed level, fine shall be charged at the rate of Paisa
28 per Rs.1000 of the shortfall or
part thereof.

II Fine for any other Paisa 37 per day per Rs.1000 or part thereof, however,
default by the depending upon the nature of irregularity by the exporter
exporter/bank and / or bank or both, in administering the Scheme, such as
misuse of the facilities, utilization of the Scheme on
fraudulent and or tempered documents etc, SBP may also
consider to place an embargo for a period of one year on
the bank and / or exporter or both for availing financing
facilities
under EFS.

III Fine for wrong Rs.100 per wrong entry.

information and
incorrect reporting /
entry in statement (EF-1,
EE-1 or in any other
Forms required to be
submitted to SBP.

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X. Form-E
Declaration to be furnished by exporters pursuant to section 12(1) of the
Foreign Exchange Regulation Act, 1947 read with government notifications No.
1(6)-ECS/48 and No. 1 (7)-ECS/48 both dated the 1st July, 1948.

1 – Form E No & Issuance Date

2 – Trader’s Details 3 - Bank Details
Business Name NTN Authorized Dealer (Bank) City

Address Branch
4 - Importer / Consignee Details
Consignee Name & Address Country Port of Discharge

5-Total Invoice Value & Currency 6 - Payment Terms 7 - Delivery Terms (Inco-Terms)

8 - Goods Description 9 - Quantity & UOM

10 - Approving Authority Remarks

Documents covering the goods in the Form-E including full set of bills of lading, railway receipt and/or other
documents of title to the goods must be passed through an Authorized Dealer in Foreign Exchange. In no case may
they be dispatched direct without prior special/general authority in writing of the State Bank of Pakistan.
UNDERTAKING/DECLARATION BY EXPORTER: An incorrect declaration on this form constitutes an offence
under Foreign Exchange Regulation Act, 1947 (VII of 1947). I/We, hereby declare that I/We am/are the
sellers/consignors/exporters of the goods described herein in respect of which this declaration is made out and that the
particulars given in this Form-E are true and that the invoice value declared in the Form-E in case of firm contracts is
full value as contracted with the buyers/in case of consignment sale is a fair value of goods which are being shipped
on consignment sale. I/We undertake that I/we shall deliver to the bank mentioned above the foreign exchange
proceeds resulting from the export of these goods on the due date for payment or within six months from the date of
shipment/dispatch whichever is earlier. In the event of consignment sale we undertake to furnish to the above bank a
fully documented account sale certified by the consignees /Chamber of Commerce of the country of import or any
other documents required by the State Bank of Pakistan. I/We declare that nothing material or relevant to the
information given in this Form has been omitted or suppressed and whatever is stated herein is true to my/our
knowledge and belief. I/We undertake to submit to the Authorized Dealer whose name appears in the Form-E within
fourteen days of shipment the documents for negotiation/for sending on collection.
CERTIFICATE OF AUTHORISIED DEALER: Certified that the above exporter(s) is/are known to us, that
he/they is/are bonafide businessman/businessmen in Pakistan and that he/ they has/have made arrangements with us
for the realization of the export proceeds, of the goods declared on this form, on the due date for payment or within
six months from the date of shipment/posting, whichever is earlier, in accordance with the State Bank’s Notification
No. FE 3/2001-SB dated the 28th September, 2001 and that we are satisfied with said arrangements. We have also
satisfied ourselves about the bonafides of the importers/consignees abroad and their credentials etc.

*We undertake to ensure that export proceeds against shipment on firm contract shall be received by us on the due
date for payment or within six months from the date of shipment/posting, whichever is earlier, in accordance with
the State Bank’s Notification No.FE 3/2001-SB dated the 28th September, 2001. In the event of non-compliance due
to reasons beyond our control we shall furnish to the State Bank of Pakistan a full explanation as to the reasons and
circumstances resulting in our inability to comply.

*We undertake that in the event of non-realization of export proceeds against shipment on consignment sale within
the stipulated period of six months, we shall obtain from the exporter(s) and furnish to the State Bank of Pakistan a
full explanation as to the circumstances resulting in non-realization. We further undertake that in the event of short
realization, we shall obtain from the exporter(s) and furnish to the State Bank of Pakistan a fully documented account
sale certified by the consignees/Chamber of Commerce of the country of import.
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XI. UT-DE-II - Undertaking to be submitted by the direct exporter under part-II

The Manager
(Branch)
(Bank)
(Place)
Dear Sir,
We do hereby certify and confirm that a finance of Rs. (Rs. in word--------------
-) has been allowed to us by you under Part-II of the Export Finance Scheme of the State Bank of Pakistan
on the basis of the following non interest based mode, it being understood that return/ profit to be
derived by the bank shall not exceed when converted into annual percentage terms:-
Mode of financing
2. We further confirm that the above finance of Rs. is in the nature of revolving
limit, inclusive of the amount extended to Indirect Exporters on our behalf on which account
we have/we will open Inland Letter of Credit or otherwise and will be utilized for export
purposes.
3. We hereby further declare and confirm that we have not and will not in future obtain
any export finance from any bank other than yourselves on the basis of export receipts covered
by the relative Form EE-1.
4. We further undertake that we shall realize export receipts from the exports of eligible
commodities, excluding any export for which finance has been obtained under Part-I of the
Export Finance Scheme during the relevant monitoring year, of a minimum amount equal to at
least 2.0 times of the amount of the finance obtained by us during the relative monitoring year.
5. We confirm that we in our capacity, as Direct, Exporter shall remain liable for
fulfillment of all the obligations under the said Scheme for the Inland Letter of Credit established
and financed by you under the Export Finance Scheme against Export Letter of Credits/Firm
Export Orders.
6. It is expressly understood that non-performance by the Indirect exporter (supplier of
inputs/finished goods) under the Inland Letter of Credit/Standardized Purchase Order, for any
reason, whatsoever shall hot, in any manner absolve us from fulfillment of our obligations as
Direct Exporter under the Scheme.
7. We certify that supplies of inputs/finished goods made under the Inland Letter of
Credit/ Standardized Purchase Order will be required and used by us exclusively for the
manufacture and export of only such commodities, which are duly eligible for financing under
the Export Finance Scheme as on date of this Undertaking.
8. We further undertake that in the event of shortfall in exports for which we have
availed of the above finance or in the event of our failure to submit to you Form EF-I duly
verified by the bank concerned within prescribed period of the relevant monitoring period, we
will be liable to pay fine at the rate as prescribed by the State Bank from time to time and hereby
irrevocably authorize you to debit the same to our account with you.
Signature verified Authorized
Signature of the Exporter Banks Authorized signature

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GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

XII. UT-IDE-II - Under taking to be submitted by the indirect exporter

under part-II

The Manager,
(Branch)
(Bank)
(Place) Dear Sir,

We do hereby certify and confirm that a finance of Rs. has been

sanctioned to us by you under the Export Finance Scheme of the SBP on the basis of the following
non interest based mode of financing, it being understood that return/profit to be derived by the
bank shall not exceed %.

Mode of financing
2. We further confirm and undertake that the export financing of Rs. has been
obtained by us against Inland Letter of Credit by (name of the banker of the Direct Exporter) out
of the borrowing entitlement of Direct Exporter Concerned, and the same shall be used
exclusively to finance the goods mentioned in the Inland Letter of Credit/ Standardized Purchase
Order opened on the basis of export letter of credit/export firm order mentioned as follows:-

Export Letter of Credit/Export Firm Order

Amount Amount
S.No. No. Date
F.Cy. L.Cy.
1. 2. 3. 4. 5.

Inland Letter of Credit (ILC)

Commodity to be
S.No. Date Amount Quantity Date of delivery
supplied
6. 7. 8. 9. 10. 11.

3. We do hereby further undertake to submit to you the following documents for

negotiation under the aforesaid Inland Letter of Credit/Standardized Purchase Order against
which you have allowed to us the above finance under the Export Finance Scheme.

a) Copy of Invoice
b) Copy of Truck Receipt/Delivery Receipt
c) Copy of Goods Received Note/Acknowledgement of goods received by the Direct
Exporter

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GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

4. We do hereby confirm and agree that in the event of our failure to affect delivery to
(name of the Direct Exporter) on or before the due date of delivery and to submit the above
documents to you within 15 days from the date of delivery, you have our irrecoverable authority
to recover from us and debit our account with the fine at the rates prescribed by the SBP from
time to time on the amount of finance availed of less the amount of finance in respect of goods
delivered to (name of the Direct Exporter) if any, from the date of the original finance. We also
undertake and confirm that the payment of such fine shall not absolve us from our
liabilities/obligations towards the (name of the Direct Exporters) and we shall continue to
remain liable for fulfillment of all obligations under the scheme.
5. We do hereby further confirm and undertake that the submission of documents in
respect of the above mentioned Inland Letter of Credit/Standardized Purchase Order will remain
our responsibility and we shall provide to you the relevant evidence of delivery of goods to (name
of Direct Exporter) and the finance so extended to us shall stand adjusted in our name on
submission of delivery documents.

Signature verified Authorized Signature of the Exporter Bank's

Authorized Signature

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GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

XIII. Form DE-3 - Application form for direct exporter

APPLICATION FORM OF THE DIRECT EXPORTER GIVING PARTICULARS
OF BORROWING LIMIT (AS PER FORM EE-I) AND THE FINANCIAL
REQUIREMENTS AGAINST IMPORTED INPUTS AND THE
LOCAL SUPPLIES FROM THE INDIRECT EXPORTER

1. Name & Address of the Direct Exporter

2. Nature of the Operation Manufacturing/Semi
Manufacturing/Trading
3. Commodities to be exported
4. Entitlement of Limit for Finance/Refinance through the Financing Bank.

5. List of IDEs to whom following ILCs have been opened: -

Name of IDE ILC No./SPO No. Amount of ILC/SPO

i.
ii.
iii.
Total Rs.

6. Balance amount of export performance (4-5)

7. Borrowing entitlement as per 6 above
8. Amount of export finance already availed of by DE
9. Amount of unutilized limit, if any (7-8)
10. Details of manufacturing requirements
Value addition
A: Local Inputs*

Sr.No. Name of Commodity Estimated Estimated No. of Quantity Amount

Indirect purchased to Delivery date days from date of
Exporter be opening of ILC/SPO
purchased payment through
cheque

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GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

Foreign Inputs *

Sr. Name of Countr Commodit Estimate Estimate Quantit Amoun Eqvlt

N Foreign y y d date d y t in .
o. Suppliers/Com by which delivery Foreig Pak.
m. L/C will period n Rs.
Importer be currenc
s opened y

1.
2.
3.
C: Value addition Amount in Rupees
11. Details of financial requirements:-
a) For supplies by IDE
b) For Foreign Inputs
c) For Self manufacturing/value addition

Certified that the contents of this

statements are Correct to the best
of our knowledge & belief.
Signature of DE

Counter Signature by the Authorized Dealer/Bank of the DE

*Please attach the information in a separate Annexure if there are more than 3 Indirect
Exporters/Foreign Suppliers

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GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

XIV. IDE- 2 - Application form for indirect exporter

(Name & Address of the Indirect Exporter)
FORM OF APPLICATION FOR CLAIMING FINANCING FACILITIES UNDER EXPORT
FINANCE SCHEME BY THE INDIRECT EXPORTER FOR SUPPLY OF LOCAL INPUTS
AGAINST ILC/SPO
The Manager,
(Branch)
(Bank)
(Place)
Dear Sir,
Financing Facility against supplies of local inputs under ILCs/SPO’s by the Direct
Exporter out of entitlement under Part-II of EFS
We have been authorized to supply the local inputs (name of the commodity) by M/s.
(Name of the Direct Exporter) against ILC No. dated amounting to
Rs…………….with validity up to …..within their entitlement of borrowing limit under Part-
II of the Export Finance Scheme and established by (Name of the Bank). We therefore request
you to provide finance of Rs. for days under the terms and conditions of
the Export Finance Scheme. The following documents are submitted as prescribed under the
scheme.
–Inland Letter of Credit/Standardized Purchase Order
–DP Note covering the amount of ILC /SPO
–Undertaking (by Indirect Exporter on the prescribed proforma UT-IDE-I)
We undertake to repay the finance on the expiry of the period or earlier upon supplies
made to the Direct Exporter named above and negotiate the documents under ILC/SPO involved.
We further undertake to submit relevant proof of supplies to your bank for submission to the
banker of the Direct Exporter and the concerned office of State Bank of Pakistan which will
form part of the performance when shipped and reported by the Direct Exporter in their EF-I
statement upon expiry of the monitoring year.

Yours faithfully,
(Name & Address of the
Indirect Exporter)
Encl: ( )
No. Date:

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GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

XV. Form-EB - For Banks to Avail Refinancing from SBP BSC Office
Name of Bank -----Address---------
The Chief Manager, State Bank of Pakistan
SBP (BSC) Export Refinance Section,
Dear Sir, Export Limit/Borrowing Entitlement.
Amount Exp
Finance.....................................
Available Balance .........................
Refinance Claim............................
In terms of the agreement executed by us with you on ------------- we hereby apply to you for refinance
to the extent of PRs---------------------------------------------------- against finance provided by us to the
exporters by way of export finance as detailed in the enclosed schedule to Form “EB”. As provided
in the said agreement we enclosed bills of exchange /promissory notes specified in the Schedule
hereto, executed in our favour and endorsed by us in your favour in respect of the finance
sanctioned to our constituents on the basis of entitlement vide Form EE-I. We request you to grant
re-finance:-
(ii) by purchase /re-discount of Bills of Exchange and Promissory Notes under Section17(2)
(a) of the State Bank of Pakistan, Act 1956 or
(iii) as a finance against such bills under Section 17 (4) ( C ) of the said Act. (Clause not
applicable to be deleted).

We certify that the signature on of the said bills /notes are the genuine signatures of the parties
thereto and that where a bill or note is signed or endorsed by a person purporting to act under an
authority, such person is duly authorized so to do and to the best of our knowledge and belief
each such party is financially sound, solvent and credit worthy.
We certify that to best our knowledge and belief that the finances provided by us to the exporters
as specified in the Schedule thereto have been used by the exporters to finance the export of
goods covered by the Export Finance Scheme (Part-II)
We certify that Bills of Exchange/ Promissory Notes specified in the Schedule hereto are eligible
for purchase/re discount as provided in section 17 (2) (a) of the State Bank of Pakistan Act
1956. For
Authorized Signature
SCHEDULE TO FORM ‘EB’

Sr. DATE NAME OF THE DRAWER AMOUNT

NO.

TOTAL PRS. -----------------------------

Regards
Authorized Signature Authorized Signature

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GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

XVI. Form EE-1 – EFS Part-II

(To be submitted in Triplicate)

PARTICULARS OF EXPORT RECEIPTS IN RESPECT OF ELIGIBLE COMMODITIES UNDER PART-II OF THE EXPORT FINANCE SCHEME
FOR THE MONITORING PERIOD…………………………………..
Full Name and Address of the Exporter Export Registration Number/NTN
Name and Address of the Bank

Sr. Expor Name Commodity *H.S. Contract/L.C. under Date Date Proceeds realized or to be realized Monthly Bill Remarks
No. t o Code which shipment made o o return and the Negotiate
Form f f f name of d
No Date Amount Amount Exchang Amount Date
No. Consignee (8 shipmen Negotiatio Office of /sent
. in e Rate in of
(Ful digits) t n SBP BSC fo
Foreign Pak Realization
No. to which r
Exchange . Rupees in
With realization Collection
cas
Prefix reported by /
e
) the bank Advance/
export
(As per Part
proceed
FEOD Payment
s requirement) (Specify)
already
realized
.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
* In case of mismatch b/w the commodity and HS code, Commodity will be considered as final for eligibility in EE-
1 and EF-1 statements to be submitted in FY 2011-12. However, in subsequent years in case of such mismatch Grand Total (To be shown on last Page on
between commodity &HS Code, the entry will not be considered for performance/entitlement until rectified. Sr No. Currency Amount Pak R
1 USD
I/We hereby solemnly affirm that the above statement does not include:- 2 Euro
(i) Any export of commodities which do not qualify for export finance under the Scheme. 3
(ii) The exports on usance basis reported in this Statement are against irrevocable letter(s) of credit which is/are eligible for Total
negotiation without reserve and the usance bills in respect thereof have not been negotiated with a scheduled bank in Pakistan except
those mentioned above. Signature of the Exporter
Countersigned by the Bank (Name and Designation of the Authorized Officer of the Bank)
(To be verified and authenticated by Foreign Exchange Operation Department/Division of concerned SBP BSC Office

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GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

XVII. FORM EF-1

(To be submitted in Triplicate)
PARTICULARS OF EXPORT RECEIPTS IN RESPECT OF ELIGIBLE COMMODITIES UNDER PART-II F THE EXPORT FINANCE SCHEME
FOR THE MONITORING PERIOD…………………………………..Full Name and Address of the Exporter Export
Registration Number/NTN Name and Address of the Bank
Sr. Expor Name Commodity *H.S. Contract/L.C. under Date Date Proceeds realized or to be realized Monthly return and Bill Remar
No. t o Code which shipment made o the name of Office Negotiate ks
Form f No Dat Amoun f of Amount Exchan Amo Date of of d
No. Consignee (8 . e t shipmen Negoti in ge Rate unt Realization in SBP BSC /sent
(Ful digits) t ation Foreign in case to which f
No. Exchan export realization reported or
With ge Pak. proceeds by the bank (As Collectio
Prefix Rupe already per FEOD n/
) es realized. requiremen t) Advance/
Part
Payment
(Specify)
1 2 3 4 5 6 7 8 9 1 11 12 1 14 15 1 17
0 3 6

* In case of mismatch b/w the commodity and HS code, Commodity will be considered as final for eligibility in Grand Total (To be shown on last Page only)
EE-1 and EF-1 statements to be submitted in FY 2011-12.However, in subsequent years in case of such mismatch Sr No. Currency Amount Pak Rupees
between commodity &HS Code, the entry will not be considered for performance/entitlement until rectified. 1 USD
I/We hereby solemnly affirm that:- 2 Euro
(i) The above statement does not include :- 3
a) Any export of commodities which do not qualify for export finance under the Scheme. Total
b) Any export made under a specific E Form pertaining to Firm Export Order or Letter of Credit against which I/We obtained export
finance from this bank or any other bank under Part-I of the Export Finance Scheme.
(ii) The exports on usance basis reported in this Statement are against irrevocable letter(s) of credit which is/are eligible for negotiation
without reserve and the usance bills in respect thereof have not been negotiated with a scheduled bank in Pakistan except those
mentioned above.
Signature of the Exporter

Countersigned by the Bank (Name and Designation of the Authorized Officer of the Bank)
(To be verified and authenticated by Foreign Exchange Operation Department/Division of concerned SBP BSC Office)

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GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

XVIII. Form - EP for Roll Over

Name of the Bank……

Statement showing shipments made during pre rollover period/upto initial 180 days of availment of
refinance under Part-II of EFS

Full Name and Address of the Exporter Limit of exporter for the current Year Rs.

Amount of Refinance availed

Export Registration Number/NTN Minimum Maximum Average *

Date(s) Value of Shipments Name of

Sr. E Remarks
No. of Form in PKR Commodity
Shipment Nos. exported
1 2 3 4 5 6

Signature & Seal of the

Exporter
Value of Total Shipment in Pak Rs.
Average Amount of Refinance availed under Part-II Rs.
% of shipments viz-a-viz Refinance loans availed prior to roll over.
Countersigned by authorized signatory of Bank

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GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

XIX. Claim Form for Mark-up Rate Benefit/Rebate under EFS (P-II)/IERS (P-II)

Claim Form for Mark-up Rate Benefit/Rebate under EFS (P-II)/IERS (P-II)

Financial Name of Name Limit Financing/ Status of Amount of Mark-up Amount of mark-up Difference of
Year Exporter of bank Entitlement Borrowin Performance /profit @ refinance /profit@ -- on the Mark- up/Rebate
g Product basis of performance Amount (7- 8 = 9)

1 2 3 4 5 6 7 8 9

Certified that:
i) There are no export overdue proceeds.
ii) ‘E’ Forms already mentioned in the ‘EF’ statement(s) are not accounted for under Part-I of EFS.
iii) The information given above, is correct to the best of our knowledge and shall be verifiable later by verification team
of SBP-BSC, office/Inspectors of State Bank of Pakistan.

Signed by exporter Signed by authorized officer of bank

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TRADE DEVELOPMENT AUTHORITY OF PAKISTAN (TDAP)

GUIDE TO AVAIL EXPORT FINANCE SCHEME OF STATE BANK OF PAKISTAN

XX. FORM 1 – Agreement Form To be submitted by Head office of Islamic Bank to SBP

FORM OF THE AGREEMENT TO BE SUBMITTED BY THE PRINCIPAL / HEAD OFFICE OF THE

ISLAMIC BANK
(TO BE STAMPED AS AN AGREEMENT IN ACCORDANCE WITH THE LAW IN FORCE IN EACH
PROVINCE)
_____________(Place)
___________(Date)
To The Chief
Manager, State Bank
of Pakistan BSC
(Bank),
.
(name of the office of SBP BSC (Bank)

Dear Sir,

WHEREAS, at our request the State Bank of Pakistan (the “SBP”) has agreed to make available to us,
under Section 17 (6B) of SBP Act 1956, Islamic Export Refinance Scheme for Financing Exports by
Islamic banks, pursuant to its BPD circular no dated as may be amended from time to
time (the Scheme) on the basis of participation in the profit and loss of the Musharaka Pool (
referred to hereinafter as the Pool) of our financing business which comprising our customers
availing of export finance as also for other purposes under Islamic modes of financing as approved by
our Shariah Board ( referred to hereinafter as Board),

AND WHEREAS, the composition of the Pool prescribed from time to time shall be as stated in the
Annexure to this Agreement attached as per Appendix ‘1’ hereto
NOW THEREFORE WE AGREE AS
FOLLOWS:
In consideration of your agreeing at our request, to make available to us refinance under its Scheme
for Financing Exports by Islamic banks (the Scheme), at your discretion from time to time under
Section 17(6-B) of the State Bank of Pakistan Act, 1956, not exceeding the sum of Rs. for which
amount we have delivered to you a demand promissory note in your favour, we agree as follows:
1. SBP will allow us a maximum limit of Rs. for a maximum period of one
year renewable at the option of the SBP. We will draw funds from this limit to refinance the export
finance facilities extended by us from time to time to exporters as per modes approved by our Board
for the purpose. Similarly we will provide financing facilities up to the utilized limit of SBP in the
Pool.
2. Where export finance is obtained from the SBP, the SBP shall participate in the profit
and loss of our Pool in such ratios as would allow a return as near as possible to the return required
by the SBP from time to time. under Export Finance Scheme circulated by SBP vide BSD Circular
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No.35 dated 28th September 2001 as amended from time to time (hereinafter referred to as the
Export Finance Scheme).
3. On each of the payment date(s) of the amounts outstanding by us to the SBP under the
scheme, we shall make payment to the SBP of the due amount along with the profit of the Pool in
accordance with applicable rate of return under the scheme. The payment(s) shall be subject to any
adjustments which may be required to be made after the declaration of the actual profit or loss, if
any accruing in respect of the Pool as laid out in annual audited accounts of the pool.
4. The State Bank will share in the overall profits (gross income less any provision there-
against created under Prudential Regulations during the period plus amount recovered against prior
period losses and reversal of provision there-against) earned by us on the Musharaka pool under the
provisions of the Scheme calculated on daily product basis.
5. I/We will make provisional payment of the State Bank’s share in the profit of the pool as
per the last month’s declared rate on outstanding balance of Musharaka pool. The profit weightage will
be fixed at the beginning of each month, keeping in view the ongoing rates announced by the SBP
under Export Finance Scheme. At the end of each quarter the profitability from the Musharaka pool
shall be determined on the basis of the un- audited accounts of the pool. The profit so worked out
shall then be distributed between us and the State Bank according to the weightage of the funds
contributed by both for financing the pool. The profit so calculated on quarterly basis shall be paid
by us upto the 7th of the month following the quarter to which it relates.

6. If on the basis of our annual audited accounts, the profit accruing to the SBP is more
than the profit paid to the SBP on quarterly basis as per the unaudited accounts of the earnings of the
pool, the difference shall be deposited by us within 7 days of its determination, in a special non
remunerative reserve fund viz. “Takaful Fund” to be maintained at the SBP BSC (Bank) Karachi
Office. This arrangement shall remain effective for all intents and purposes during the currency of the
agreement.
7. If on the basis of the annual audited accounts of the pool, the share of the State Bank in the
profit works out to be less than the amount, which has already been paid to the State Bank on
provisional basis, the State Bank will refund the excess amount involved out of balance held in the
Takaful Fund, if any.
8. In the event of loss suffered on the Musharaka pool on the basis of annual audited
accounts, I/WE and the State Bank shall share the loss in the proportion of their share of investment in
the Musharaka Pool expressed on daily product basis. The share of loss to State Bank will first be met
out of credit balance in the Takaful Fund, if any. The loss not met from the Takaful Fund shall be
borne by the State Bank.
9. In case of loss, I/We shall be entitled to claim refund on account of share of profit paid
by us to SBP on provisional basis, alongwith SBP’s share in the loss of principal amount extended to
the Musharaka pool.
10. I/We shall be under obligation for a special audit of the affairs of the Pool by our
external auditors, certifying that the terms and condition of this scheme have been adhered to in
totality and that the annualized earning of the pool has been worked out correctly.
11. As security for the said financing on each occasion on which I/We intend to avail Export
Refinance against finance extended by us, I/We shall deliver to you demand promissory notes in the
form attached hereto as Appendix ‘2’ acceptable to you and drawn on and payable in Pakistan based
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on bonafide finances provided by us to exporters on the basis of any one of the Islamic modes of
financing approved by our Board, and it being understood that the aforesaid accommodation will
be made and continued on the faith of the truth and correctness of such certificates.
12. I/We undertake that we shall not extend finance to any exporter under the terms of this
agreement unless we are satisfied that all parties liable thereon are financially sound, solvent and
credit-worthy.
13. I / We undertake that I/We shall at all times execute or maintain separate legal
documentation and records including export order / letters of credit / standardized purchase order
/ inland letters of credit and further security documents, notes, indemnity bonds, agreements etc.,
including the assignment deed of securities now held by us or which may be obtained by us from our
customers subsequently, as are adequate to safeguard our interest against the finances for which
this agreement has been executed. I/We also agree and undertake to keep all such documents in trust
for a reasonable period as per provisions of the Scheme. I / We further agree that you or any official
authorized by you shall have the right of inspection of our records and documents for which
Export Refinance has been obtained by us and that you shall have the right to seek and obtain full
assistance and cooperation from us for discharging your duties and performing your functions.
14. The profit to be earned by us from the exporters expressed in annual percentage shall not
exceed the rate prescribed under the Scheme, which profit shall be shared by us with you in the
manner laid down in the Scheme.
15. Without prejudice to your right to obtain repayment of the amount of Export Refinance
outstanding at any time on demand, we undertake that the Export Refinance taken by us on each
occasion will be paid by us in the manner and within the maximum period prescribed under the
Scheme. In case the exporter repays the finance earlier than the said period we shall be bound to repay
to you the amount of Export Refinance so repaid
by the exporter within a period of 3 working days of the date on which the exporter repays the
finance to us.
16. I / We agree, if you so desire, to take at our expense, all steps as may be necessary to
realize the financing from our customers and forthwith pay the same to you to the extent we are
required to pay our obligation in the manner specified in this Form and pending such payments
shall hold the same for and on your behalf.
17. I / We agree that the fact of your not taking steps to enforce payment of such demand
promissory notes or any of them against the signatory or signatories thereon shall in no way release us
from liability thereon and we further agree that it shall be unnecessary for you to give any notice of
dishonour.
18. I / We shall observe the guidelines of the State Bank including those laid down under
the Prudential Regulations of the State Bank in respect of the classification and provisioning of
the assets comprised in the Musharaka Pool from the income generated by the Musharaka Pool.
19. I / We agree that in case of default of repayment by us against the demand promissory
note executed by us or if demanded by you under the relevant clause (s) of this Form, you have our
authority not only to debit our accounts now held or which may be held here-after with you for the
amount due by us against any or all of such demand promissory notes executed by us without
further reference to us but also to adjust or set off such amount against any amount which may be due
from you to us or come into your possession and that we undertake not to question the correctness or
propriety of such debits or set off on any ground whatsoever. Provided that such debit, adjustment or
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setoff by the SBP shall be on a provisional basis and shall be subject to adjustment for actual profit or
loss accruing in respect of the Pool as may be disclosed by our annual/ semi annual accounts as
contemplated by this Agreement.
20. I / We undertake to advise you promptly of any change in the position of any exporter
provided with finance by us under the Scheme where against Export Refinance has been obtained from
you, which can reasonably be considered to affect the security of the demand promissory note
hereunder.
21. I / We agree that under this Agreement, the demand promissory note executed by us for
Rs. (notice of dishonour of which promissory note is merely waived under Section 98 of
Negotiable Instrument Act, 1881), and tendered by us in terms of this Form, and the securities /
security documents prescribed under the Scheme/ in this Form shall operate as a continuing
security for the said Export Refinance to the extent that any amounts are outstanding by us to you
under the Export Finance granted and all costs, under law notwithstanding the existence of a credit
balance at any time or any partial payments or fluctuations in accounts or withdrawal of any part of
the security.
22. I / We undertake that we shall take all reasonable steps to ensure that the Export
refinance availed of is utilized for the purposes laid down in the Scheme and all the necessary
documentation is made available to us. If the exporter provided with finance by us under the Scheme
fails to utilize the finance exclusively for the purposes prescribed or effect the supplies within the
period prescribed under the Scheme, we undertake to recover from him within 15 days following
the date of his failure to utilize the finance exclusively for the purpose, alongwith fines at the rates
as may be prescribed by the State Bank from time to time. The fine so recovered will be passed on by
us to the State Bank not later than three working days after the date of recovery. If we fail to pass on
the fine as aforesaid you shall have the right to, (a) adjust or set off the same against any amount due
to us from you, or (b) debit our accounts now held or which may be held thereafter with you.
23. Any demand to be made by you under the agreement shall be sufficiently made if it is
made in writing and addressed and sent by post or otherwise to our Head Office or our branch
tendering the document prescribed under this Form.
24. We agree to obtain an undertaking from the exporter concerned that the finances
provided by us to them, shall be exclusively used by them for financing exports or supplies of
inputs and that they would promptly furnish, at their expense, such information, in such form
and at such time as we may demand from time to time.
25. I / We expressly understand that you are entitled to cancel this refinance limit or to
recall the refinances at any time for any reason whatsoever or howsoever, without any prior notice to
us and that you are entitled not to make any refinances anytime under the aforesaid Scheme and
that we have acquired no right or claim for demanding refinance from you by grant of the said limit
under the Scheme or by the execution of a demand promissory note in your favour or by deposit of
demand promissory note in your favour or by making finances available to any customer on the
faith of this agreement.
26. I / We agree that all income received by us under the Musharaka Pool shall be applied by
us in deriving the profit/return to the SBP on the basis of participation in profit and loss from the
portfolio of the Pool and till so applied, shall be held by us for and on your behalf.
27. I / We agree that notwithstanding anything contained elsewhere in this agreement the
amount of this Export Refinance will become due and payable by us, if we commit breach of any
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of the terms and conditions of this agreement. We agree that you have our authority to decide
whether we have committed breach of any of the terms and conditions of this agreement and that
we shall not question such decision on any ground whatsoever.
28. I / We agree to hold the securities / security documents now held or which may be held by
us as security for export finance given to the exporter / supplier as trust for you so long as any
refinance in respect of these facilities remain outstanding from us and by way of security for due
repayment thereof and we undertake to deal with the same as you may direct. We further agree that
if and when we realize these securities or any part of it we shall pay over to you all such realizations,
to the extent required to pay our obligation and pending such payment, shall hold the same for and on
your behalf. We further agree to assign / transfer to you, at your demand and at our expense, all such
securities and security documents in your favour. We agree that despite
such assignment / transfer the provision of clause 14, 15 and 16 shall mutates mutandis apply.
29. Save as is otherwise provided in this agreement such contents of the IERS attached to
your letter No. dated as modified from time to
time
which are relevant to this Agreement, as also relevant sanction letter of PLS limit(s) sanctioned
under IERS, shall be deemed to have been incorporated in this agreement.
30. I / We undertake to be responsible for any loss incurred to SBP under this transaction, if
the said loss is subsequently proved to have been caused on account of negligence/ misstatement
and/or misrepresentation if any of our official or in violation of the sprit of this Scheme.

Yours faithfully,

For and on behalf of (Name of Islamic Bank )

(Signature)

(Name) (Designation) Encls.

Appendix ‘1’
Portfolio of Financing Business Appendix‘2’
(Signature)

(Name) (Designation)

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XXI. FORM 2 - Application Form to be submitted by the Islamic Bank for claiming
financing from SBP
Application Form to be submitted by the Islamic Bank for claiming financing from SBP for the Musharaka
pool under the Refinance schemeor financing Exports by Islamic Ban
To,
The State Bank of Pakistan,
Dear Sir,
In terms of the agreement executed by us with you on --------------------------- (Date) we hereby apply
to you for refinance to the extent of Rs. ----------------------------------------- against finances
provided by us to ------------(name of the Direct/ Indirect Exporter) by way of export finance as per
details given as under: -
Name of Branch

2. Name of Exporter
3. Address of Exporter
4. Particulars of Exporter:-
i) Type ofExporter Direct Exporter / Indirect Exporter ~
ii) NTN Number
~ strike out which ever is inapplicable
iii) Export Regn. No.
iv) Whether first time exporter–Yes / No
5. Nature of Business Manufacturing / Semi Manufacturing /
Trading*
6. Finance provided against Export Order/ Contract/ Letter of
Credit/ Inlandletter ofcredit/
Standardized purchase order*
7. Particular as to amount of Export order/ Contract/ Letter of
Credit/ Inland letter of credit/ Standardized purchase
order:-
i) Name of Buyer
ii) No.
iii) Date
iv) Currency
v) Amount in foreign currency (if applicable)

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vi) Exchange Rate

vii) Amount in Pak Rs.
8. Particulars as to inputs of Export Order / Contract /Letter
of credit/Inland letter of
credit/Standardized purchase order:-
i) Domestic inputs
ii) Foreign inputs (FC)
iii) Value addition
iv) Total amount
9. Amount of Finance granted
10. Date of Finance
11. Commodity to be Exported /
supplied (HS Code)
12. 1) Date of Shipment
2) E-Form Number
3) Invoice Value
4) Due date of realization of Export Bill(s)
-2-
13. Destination
14. In case financing has been extended toan Indirect
Exporter:
i) Direct exporters name
ii) Firm export order
/contract/Letter of credit
iii) Date
iv) Commodity
15. Due date of shipment/supply
16. Due date of repayment of finance
17. Amount of finance already availed by the exporter against the
Export Order / Contract / Letter of credit
mentioned in column 9 above
18. Amount of refinance requested
from SBP.
19. --Amount of overduebills
--Reasons for allowing IERS despite overdue bills

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As provided in the said Agreement we enclose demand promissory notes for Rs ( in figures )
(Rupees --------------------------only, duly executed by us in your favor in respect of the finances
sanctioned and disbursed by us to (name of the Direct/ Indirect Exporter)
We hereby certify that we have obtained all the necessary documents in original as required under the
Scheme and undertake to retain the same as per provisions of the Scheme and further that these have
been checked and found in order and duly stamped.
We also authorize SBP to recover the amount of refinance along with fine, if any, in case the amount is
not repaid by us on due date as specified above.

Authorized Signature of Bank Authorised Signature of Bank

(Name & Designation) (Name & Designation)

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XXII. FORM 3 - Application / Undertaking for Direct Exporters Under IEFS

APPLICATION / UNDERTAKING FOR FINANCE

(FOR PRE- SHIPMENT UNDER PART I
TO BE SUBMITTED BY THE DIRECT EXPORTER)
(To be executed on non-judicial stamp paper)

The Manager,
Bank Limited,
Branch,
(CITY)

Dear Sir,

1. I/We, the Direct exporters do hereby certify and confirm that a finance of Rs.
(Rupees only) has been
allowed to me/us by you under Part-I of the Islamic Export Refinance Scheme for Financing Exports by
Islamic Banks of the State Bank of Pakistan circulated vide BPD Circular No.____________dated
read with amendments made therein from time to time, on the basis of the
following Islamic Modes of financing , it being understood that return / profit to be derived by the
bank shall not exceed % when converted into annual percentage terms :-

ISLAMIC MODE OF FINANCE -----------------------

2. I/We, further confirm and undertake that the aforesaid finance will be obtained by Me/us
for export of an eligible commodity hereunder against valid firm export order/contract/letter of
credit* in my/our possession.

3. I/We, further confirm and undertake that the aforesaid amount of finance that will be
availed by me/us shall be utilized exclusively to meet the cost / expenses of export of eligible
commodities against firm export order/contract/letter of credit, particulars of which are given as
under :-

Commodity of Country Expected

Exports with of Amount of firm export order/contract/letter of credit shipment
H.S. Code No. export date
No. Date Amount Value Amount in
in Fcy Date equivalent
Pak Rupee

1. 2. 3. 4. 5. 6. 7. 8

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4. I/We, do certify that the finance is being obtained by Me/Us against bonafide transaction
and I/We submit the following documents alongwith this application for your consideration of
extension of finance facility to us from your bank under the Export Finance Scheme: -
a. Firm Export Order/ Contract/ Letter of Credit
b. DP Note (as per Appendix 3) duly executed in your favor

5. I/We, certify and confirm that I/We have not obtained any finance against the above
mentioned firm export order / contract / letter of credit / Inland letter of Credit / Standardized
Purchase Order from any other Bank under this Scheme or the conventional Export Finance Scheme,
except as under.

Amount of FEO/Contract/L/c
Less: Amount of facility already taken
Balance Amount
Amount of facility now being obtained
6. I/We, do, hereby further undertake to submit the following documents for negotiation/
collection against the firm export order/contract/letter of credit under which pre-shipment finance
has been allowed to Me/Us :-

1. Bill of Lading / Airway Bill

2. Invoice
3. Original duplicate copy of Form ‘E’

7. I/We, hereby confirm and agree that in the event of My/Our failure to effect shipment on or
before 180 days and/or failure to submit the above mentioned documents to you within 30 days of the
expiry date of finance, you have our Irrevocable Authority to recover from
Me/Us and debit My/Our Account No. maintained with
you
along with fine for non shipment, at rates prescribed by the State Bank of Pakistan from time to
time on the amount of finance availed less the amount repaid as a result of part shipment, if any,
from the date of original finance. I/We, authorize the bank to reimburse itself with the fine amount
even if we have made a representation to SBP against imposition of fine under the Scheme.

8. I/We, do hereby further confirm and undertake that the documents in respect of the
aforesaid Firm Order or Contract / L/C will be realized / negotiated by Me/Us through your Branch /
Bank and proceed thereof will be appropriated immediately on realization / negotiation towards
the aforesaid finance allowed by you to Me/Us.

9. I/We, do hereby further undertake that I/We shall not claim refinance against any amount of
advance payment received from the buyer and that in case any such advance payment is received under
the said firm export order/contract or letter of credit, if any, the same shall be surrendered to the bank
towards repayment to SBP within three working days failing which I/We shall be liable to pay the
fine for late repayment at the rate prescribed by SBP from time to time on the amount and the period
involved.
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10. I/We, do hereby confirm that where an Inland Letter of Credit (ILC/Standardized
Purchase Order (SPO)* has been established/opened or will be opened it is understood that I/We in
my/our capacity as Direct Exporter shall remain liable for fulfilment of all the obligations under the said
Scheme. I/We further certify that where supplies of inputs/finished goods made under the SPO/ILC are
required these shall be used for the manufacture and export of only such commodity which are duly eligible for
financing under the Scheme. I/We further confirm and undertake that in case of establishment of ILC or
opening of SPO by Me/Us during the currency of the finance, the amount shall be allowed by Me/Us to be
utilized by the Indirect Exporter to the extent of the amount and the period involved.

11. I/We further confirm and undertake that in case if the finance is repaid by Me/Us earlier
than the due date, I/We, shall continue to be liable to submit to you the relevant proof of shipment
of the goods for which the finance was made to Me/Us.

12. I/We, M/s. certify that no export bills except those mentioned below are
overdue for repatriation, the details of which are as under: -
Sr.No. E.Form No. Shipment Date Amount (Fcy) Banks
I/We further certify that the export proceeds on the above mentioned bills have not been repatriated
for the following reasons which are beyond my / our control.

SIGNATURE VERIFIED BY THE BRANCH / BANK

AUTHORIZED SIGNATURE OF THE EXPORTER

N.T.N.
STATUS: Manufacturing / Semi Manufacturing / Trading Co. { Write only applicable here }
MAILING ADDRESS:
a. * Strike out whichever, is inapplicable.

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XXIII. FORM 4 - Application / Undertaking for Indirect Direct Exporters Under IEFS

APPLICATION / UNDERTAKING FOR FINANCE (FOR PRE/POST SHIPMENT UNDER

PART I TO BE SUBMITTED BY THE INDIRECT EXPORTER)
(To be executed on non-judicial stamp paper)

The Manager,
Bank Limited,
Branch,
(CITY)

Dear Sir,
I/We, the Indirect* exporters do hereby certify and confirm that a finance
of Rs. (Rupees only) has been (Rupees
only) has been allowed to me/us by you under Part-I of the Islamic Export Refinance
Scheme for Financing Exports by Islamic Banks of the State Bank of Pakistan circulated vide BPD
Circular No.__________ dated _______read with amendments made therein from time to time, on
the basis of the following Islamic Modes of financing , it being understood that return / profit to be
derived by the bank shall not exceed % when converted into annual percentage terms :-
MODE OF FINANCING Name of Islamic Mode(s) of Finance
2. I/We, further confirm and undertake that the aforesaid finance will be obtained by Me/Us
for supply of commodities described by me/us hereunder against valid Inland letter of
credit/Standardized purchase order* established/issued in my favour by (name of the Direct
exporter).

3. I/We, further confirm and undertake that the aforesaid amount of finance that will be
availed by me/us shall be utilized exclusively to meet the cost / expenses of supply of described
commodities against Inland letter of credit / Standardized purchase order, particulars of which are
given as under :-

Commodity Inland letter of credit/ Expected Particulars of Direct Exporters’

to be Standardized purchase order Supply
supplied No. Date Amount Date FEO/Contract/ No. Date
L/Cs
1. 2. 3. 4. 5. 6. 7. 8.

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4. I/We, certify and confirm that I/We have not obtained any finance against the above
mentioned Inland letter of credit/standardized purchase order from any other Bank.

5. I/We, do, hereby further undertake to submit the following documents for negotiation
/collection against the Inland Letter of Credit / Standardized Purchase Order under which pre-
shipment finance has been allowed to Me/Us :-
- Invoice
- Truck / Railway receipt.
- Goods Received Note GRN / Delivery challan signed by the buyer.

6. I/We, hereby confirm and agree that in the event of My/Our failure to effect supplies on or
before 120 days and/or failure to submit the above documents to you within 15 days from the expiry
date of finance, you have our Irrevocable Authority to recover from Me/Us and debit My/Our
Account No. maintained with you along with fine for non
shipment at the rate as prescribed by the State Bank of Pakistan from time to time on the amount
of finance availed less the amount repaid as a result of part shipment, if any, from the date of original
finance. I/We, authorize the bank to reimburse itself with the fine amount even if we have a made a
representation to SBP against imposition of fine under EFS.

7. I/We further confirm and undertake that in case if the finance is repaid by Me/Us earlier than
the due date, I/We, shall continue to be liable to submit to you the relevant proof of shipment of the
goods for which the finance was made to Me/Us.

AUTHORIZED SIGNATURE OF THE EXPORTER

SIGNATURE VERIFIED
BY THE BRANCH / BANK
N.T.N.
STATUS: Manufacturing / Semi Manufacturing /
Trading Co. { Write only applicable here }
MAILING ADDRESS:
* Strike out whichever, is inapplicable.

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XXIV. Demand Promissory Note Under IEFS

(to be appropriately stamped)
Date ……………..
Place …………….

On demand we ----------------------- (name of the Islamic Bank) promise to pay to the State Bank of
Pakistan,
BSC (Bank)------------- (name of office) or order the sum of Rs ----------------- only (Rupees only) for
value
received plus the profit to be derived from the provision of finances by the State Bank of Pakistan
on Musharaka basis to -------------- (name of the Islamic Bank) under the Islamic Export Refinance
Scheme

for financing Exports by Islamic Bank.

For and on behalf of ----------------------------- (name of Islamic Bank)

(Signature)

(Name) (Designation)
(Signature)

(Name) (Designation)
Format of the DP Note to be submitted by

the Exporter

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XXV. From to be Submit by Islamic Banks to SBP for Refunding of Fines

Name of the Bank*

The Chief Manager, State Bank of Pakistan, BSC (Bank)
Dear Sir,
Request for refund of fine(s) under Part-1
We request for refund of fines as per the following particulars in respect of refinance loans under
Part I of Islamic Export Refinance Scheme:-
Sr Name Bra Demand Loan Status of Fine Date of Fine Recoverable Fine
. of th nch shipment charge Refund
N Expo for able
o. rter N Amo Da Du D Ac non- Fine Fine For For For To (10
o. unt te e u tua ship charg amountdelay in short delay tal minus
of dat e l ment ed to passedsubmis
on to ship in 16)
gra e D da expo SBP sion of ment ship
nt of at te rter docum ment
lo e ents
an
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16 17.
.
We confirm that the amount refundable and shown under Column 17 above is / are correct to the best of our
knowledge and that such cases shall be verifiable later by inspector of State Bank of Pakistan.
Yours faithfully,
(Authorized Signature) Name & Designation

* to be submitted by the dealing branch /Head Office of the bank concerned which availed
refinance from the respective office of SBP.

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XXVI. Application to be submitted by the Islamic Bank for claiming refinance from SBP
BSC under IEFS Part-II
On the letter Head of the Islamic Bank
Specimen of application to be submitted by the Islamic Bank for claiming refinance from office of the
SBP BSC (Bank) under Part-II of the Islamic Export Refinance Scheme
The Chief Manager,
State Bank of Pakistan, Dated. .
Banking Services Corporation (Bank)
M/s. .
Dear Sir,
In terms of the agreement executed by us with you on (DD/MM/YYYY) we hereby apply to you
for reimbursement of finance facility of Rs. (Rs. in words) against
finance provided by us to the captioned exporter under the Islamic modes of finance applied by our
Shariah Board.
As provided for in the said agreement we enclose Demand Promissory Note on prescribed format
executed in our favor and duly endorsed in your favor in respect of the loan facilities sanctioned to
our constituent on the basis of his entitlement of form EE-1 (Copy enclosed to be submitted once in a
financial year unless revised). We request you to grant refinance to us under Section 17 (6B) of
the S.B.P. Act 1956.
We certify that the signature on the said Demand Promissory Note are genuine thereto and that where
it is signed or endorsed by a person purporting to act under an authority, such person is duly authorized
to do so and to the best of our knowledge and belief each such party is financially sound, solvent and
credit worthy and qualifies to be included in the Musharaka Pool created by us in terms of the
covenants of the Islamic Export Refinance Scheme (IERS).We certify that to the best of our
knowledge and belief the financing facility provided by us to the exporter has been used by the
exporter to finance the export of goods covered by the Export Finance Schedule under the IERS.
All relevant papers on prescribed format are enclosed herewith.
Enclosure:
Yours faithfully,
(Signature)Name:__________ Designation: .
We certify that Promissory Note specified in the schedule hereto is eligible to purchase /rediscount
as provided in section 17(4) ( c) of the State Bank of Pakistan Act 1956.
Enclosure:
1) Demand Promissory Note
2) Letter of under taking
3) Commodity Certificate
4) EE Statement of Rs.
5) DE-3 Schedule of Form ‘EB’
6) S.No Date Name of drawer or marker Amount
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XXVII. Undertaking Part II – Islamic Export Refinance Scheme

(To be submitted by the exporter on non-judicial stamp paper in accordance with the law in force in
each Province)

The Manager,
Bank Limited,
Branch,
(CITY)

Dear Sir,
1. We do hereby certify and confirm that a finance of Rs.
(Rupees________________only) has been allowed to us by you under Part-II of the Islamic Export
Refinance Scheme of the State Bank of Pakistan on the basis of the Islamic Modes of financing duly
approved by your Shariah Board and it is being it is being understood that return / profit to be derived by
the bank shall not % when converted into annual percentage terms :-
MODE OF FINANCE
2. We further confirm and undertake that the aforesaid finance is in the nature of a revolving limit
and will be utilized by us solely for export of commodities eligible under the Islamic Export
Refinance Scheme.

3. We hereby further declare and confirm that we have not, and will not in future, obtain any
export finance from any bank other than yourselves on the basis of export receipts covered by the
relevant form EE-1.

4. We further undertake that we shall realize export proceeds equal to at least twice the amount
of refinance facility from the exports of eligible commodities during the relevant monitoring year
excluding any exports for which finance has been obtained under Part I of the Islamic Export Refinance
Scheme/ Export Finance Scheme.

5. We further undertake that in the event of short fall in exports for which we have availed of the
above finance or in the event of our failure to submit to you statement on Form EF 1 duly verified
by the bank concerned on or before 31st August after close of the relevant monitoring year on July-
June basis, we will be liable to pay fine at the rate as prescribed by the State Bank form time to time
and hereby irrevocably authorize you to debit the same from our account with you.
SIGNATURE VERIFIED BY THE BRANCH / BANK
AUTHORIZED SIGNATURE OF THE EXPORTER
N.T.N.
STATUS: Manufacturing / Semi Manufacturing / Trading Co. {Write only applicable
here} MAILING ADDRESS:

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XXVIII. Form EE 1- For IEFS Part-II

PARTICULARS OF EXPORT RECEIPTS IN RESPECT OF ELIGIBLE COMMODITIES UNDER PART II OF

THE ISLAMIC EXPORT REFINANCE SCHEME FOR THE MONITORING PERIOD ………………….
(To be submitted in Triplicate)
Full Name & Address of the Exporter …………Export Registration Number/NTN …………………Name & Address of the Bank ………
Sr. Expo Name Commodi Contract/L.C. Date Date of Negotiation by the Proceeds Realized or to be Monthly Remarks
No rt of ty under which of bank by way of realized Return and (reference
For Consi shipment made Ship discounting/purchase of the name of of FDBP
m gnee ment Bill/ date of post Shipment Office od against
No. Financing on Sharaih State Bank sight L/C)
Compliant basis other than to which
realization
reported by
the bank
No D Amo Amo Amo Date of
. at unt unt in unt in Realization in
e Forei Pak case export
gn Rupe proceeds
Exch es already
ange realized
1 2 3 4 5 6 7 8 9 10 11 12 13 14

I/We hereby solemnly state that the above statement does not include : -
(i) Any export commodities which do not qualify for export finance under the Scheme
(ii) The exports on negotiation basis reported in this Statement are against sight irrevocable letter(s) of credit which is/ are eligible for
negotiation without reserve and the bills in respect thereof have not been negotiated with a scheduled bank in Pakistan except those
mentioned above.
Signature & Seal of the Exporter Countersigned by the Bank
(Name & Designation of the Authorized Officer of the Bank)

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XXIX. Form EF 1 - of Eligible Commodities Under IEFS Part II

PARTICULARS OF EXPORT RECEIPTS IN RESPECT OF ELIGIBLE COMMODITIES UNDER PART II OF
THE ISLAMIC EXPORT REFINANCE SCHEME FOR THE MONITORING PERIOD ………………….
Full Name & Address of the Exporter …………Export Registration Number/NTN ………………Name & Address of the Bank …
Sr. Export Name Commod Contract/L.C. Dat Date of Post Proceeds Realized or to be Monthly Return Remarks
No Form of ity under which e of Shipment realized and the name of (reference
. No. Consigne shipment made Ship Financing on Office of State of FDBP
e men Shariah Bank to which against
t Compliant basis realization sight
other than Part I reported by the L/C)
bank
No. Date A Amou Amou Date of
mo nt in nt in Realization in
unt Forei Pak case export
gn Rupee proceeds
Exchan s already
ge realized
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

I/We hereby solemnly affirm that

(i) the above statement does not include : -
a. Any export commodities which do not qualify for export finance under the Scheme
b. Any export made under a contract/LC which I/We obtained Export Finance from any bank under Part-I of the Scheme.
(ii) The exports on negotiation basis reported in this Statement are against sight irrevocable letter(s) of credit which is/ are eligible for
negotiation without reserve and the bills in respect thereof have not been negotiated with a scheduled bank in Pakistan except those
mentioned above.
Signature & Seal of the Exporter
Countersigned by the Bank
(Name & Designation of the Authorized Officer of the Bank)

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TRADE DEVELOPMENT AUTHORITY OF PAKISTAN (TDAP)