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GOVERNMENT
OF PAKISTAN
EXPORT PROMOTION BEREAU
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| NO.COT/REG/2000-2001 |
Karachi,
the 6th September, 2000
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SUBJECT:
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REGISTRATION
PROCEDURE OF EXPORT CONTRACTS OF RAW COTTON BY PRIVATE SECTOR WITH
EXPORT PROMOTION BUREAU, GOVT. OF PAKISTAN.
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Exporter shall he
entitled under this registration procedure to register the export contracts
or cotton on the basis of Type or Grade. However, in cases where the export
sale is Type-based, (he exporter would mention the equivalent Grades on
the Registration Certificate, issued-by EPB, and all other export documents
at the stage of shipment so that the foreign buyers become familiar with
our Grades. This registration procedure shall apply to registration of
export contracts of raw cotton of private sector with EPB for both new
crop and the fresh contracts of old.
2.
The export contracts of Raw Cotton would, be registered in five copies
with EPB oil the enclosed format with submission of copy of (i) Contract/Fax/
Telex confirmation (ii) copy of export registration of the firm, and (iii)
production of certificate from State Bank of Pakistan to the effect that
the shipper has deposited with the State Bank of Pakistan, bank guarantee
equal to 2% of the value of the contract. EPB would retain one copy and
return four copies to the shipper. This registration would become valid
for shipment after completion of procedure mentioned in para-3 below.
3.
After receipt of Irrevocable L/C within 35 days of registration of contract
with EPB as mentioned above, the shipper would approach EPB with (i) duly
filled four copies of registration certificate containing information
about L/C verified by the exporter's bank (ii) photo copy of L/C and (iii)
original L/C. EPB after necessary verification would issue registration
in'quadruplicate on the next. day of submission alongwith return of original
L/C. Three registration copies will be returned to the shipper for his
personal use, for bank and Customs purpose and one copy to be retained
by EPB.
4.
The Stale Bank oC Pakistan would maintain bank guarantees, invoke the
forfeiture mechanism in case of non-establishment of irrevocable L/C within
35 days of me registration and non-shipment within 180 days of the registration
of contract with EPB in terms of SRO No.482(l}/2000 dated 11.07.2000.
5. At
the time of shipment, the shipper will submit to Customs Authorities the
above mentioned registration certificate issued by Export Promotion Bureau
alougwith necessary shipping documents and grading and classification
certificate issued by Pakistan Cotton Standards Institute. The requirement
of grading and classification certificate issued by PCSI is mandatory
and the only relaxation win be in case of consignments where the cotton
has been packed in export packing at the ginning stage and the Customs
Authorities are satisfied with the proof / evidence submitted to them
by the exporter to that effect. The Customs Authorities will also ensure
that the shipments of cotton take place within 180 days of the date of
registration of contract with EPB as stipulated m the registration certificate
of EPB.
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(DR
M. USMAN)
DEPUTY DIRECTOR
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The Chairman
Karachi Cotton Association
Cotton Exchange Building Karachi.
Copy for information and necessary action to:
1. The Chairman, Central Board of
Revenue, Islamabad
2. The Director General, Export Promotion
Bureau, Lahore.
3. The Collector of Customs (Exports),
Karachi.
4. Mr. Tariq Ahad Nawaz, Deputy Secretary,
Ministry of Commerce, Islamabad.
5. The Additional Director, Foreign
Exchange Deptt. State Bank of Pakistan, Karachi.
6. The Director, EPB, Regional Office,
Multan. 6. The Foreign Exchange Officer, State Bank of Pakistan, Karachi.
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(DR
M. USMAN)
DEPUTY DIRECTOR
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