The central bank has taken this decision after discussion with other stakeholders, including the Export Promotion Bureau (EPB) and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
The scheme would be effective from January 2, 2006 to December 31, 2006, and the relief contribution of Rs 180.00 (approx. equivalent to $3) would be collected by the authorised dealers out of the export proceeds received by them against each e-Form at the time of realisation of the export proceeds.
In case of advance payments received against intended exports, the authorised dealers would collect an earthquake relief contribution of Rs 180.00 at the time of certification of e-Form/shipment.
THE FOLLOWING PROCEDURE WOULD BE APPLIED IN COLLECTING THE CONTRIBUTIONS:
(i) In case of partial realisation against an e-Form, Rs 180.00 (equivalent to $3) will be deducted at the time of realisation of the first tranche.
(ii) In case of one consolidated payment against two or more e-Forms, Rs 180.00 (equivalent to $3) will be deducted against each e-Form.
(iii) The authorised dealer, who receives the export proceeds, may deduct earthquake relief contribution of Rs 180.00 (equivalent to $3) after converting the export proceeds in local currency.
The amount so collected by the authorised dealer should be transferred/deposited with the SBP within three working days after the end of each month. A monthly statement showing the amount so collected/deposited and the number of e-Forms against which the said amount has been collected will be submitted by the authorised dealer to the Exchange Policy Department, State Bank of Pakistan, Karachi, as per enclosed format.
(iv) This deduction will be voluntary. Any exporter, who does not wish to contribute, may exercise the option in writing to his banker in this regard. The exporter can exercise the option at any time during the year. The same will be applicable to the export proceeds realised after the date of exercising option.
(v) The authorised dealers will maintain with them all relevant record/data for onsite inspection by the SBP inspectors.
The e-Forms for the monthly statement of collection of voluntary contribution to the Earthquake Relief would be available with the stakeholders.