GOVERNMENT OF PAKISTAN
EXPORT PROMOTION BEREAU

NO.COT/REG/2000-2001 Karachi, the 6th September, 2000
SUBJECT:
REGISTRATION PROCEDURE OF EXPORT CONTRACTS OF RAW COTTON BY PRIVATE SECTOR WITH EXPORT PROMOTION BUREAU, GOVT. OF PAKISTAN.

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.

(DR M. USMAN)
DEPUTY DIRECTOR

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.

(DR M. USMAN)
DEPUTY DIRECTOR


 
 


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