Following the directives of the federal government, State Bank of Pakistan (SBP) has announced to extend the subsidy on export of wheat and its products up to October 30, 2017. According to SBP, in term of the Ministry of National Food Security and Research (MNFSR), Government of Pakistan''s Notification No 4-12/2014/DFSC-II/wheat export, the Economic Co-ordination Committee (ECC) of the Cabinet has approved extension in processing period of export of wheat/wheat products beyond August 31, 2017 till October 30, 2017 subject to the term and conditions mentioned therein.

Accordingly, it is advised that subsidy on export of wheat/wheat products shall be allowed till October 30, 2017 (to be determined by GD filing date) to those exporters who have lifted the wheat from godowns of Food Departments of respective provincial governments during the period August 19, 2016 to March 15, 2017.

Therefore, exporters of wheat/wheat products will approach FEOD, SBP-BSC (Bank), Head Office, Karachi or respective field office of SBP-BSC, as the case may be, through their Authorized Dealer claiming the subsidy latest by December 31, 2017. No claims will be entertained after aforementioned time period, the SBP PD Circular Letter No. 19 of 2017 said. The SBP has advised authorized dealers to bring the same to the notice of all their constituents and all other instructions on the wheat and wheat products exports will remain unchanged.

Copyright Business Recorder, 2017