The State Bank of Pakistan (SBP) has issued guidelines to the banks for disbursement of freight subsidy for import of cement.
The issuance of guidelines is inline with the cabinet in order to reduce the cost of construction and to control the prices of cement in the local market. In terms of the decision made by Economic Coordination Committee (ECC) of the Cabinet last month, the import of cement from all countries, including India by rail, road and sea, has been allowed.
Further, freight subsidy of Rs 60 on a 50-kg bag of imported cement has also been allowed in terms of the orders of the ministry of industries, production and special incentives. In accordance with the decision of cabinet the central bank, authorised banks has been advised to process the freight subsidy claims on imported cement as per the procedure.
According to the procedure laid down by the SBP, importers will lodge their claims along with the import documents, including invoices, copy of contract/LC, Bill of Entry/GD Form, Truck/Railway Receipt, Bill of Lading and others to their bankers within 60 days from the date of clearance of consignment from the customs.
Authorized bank will examine, process, recommend and forward claims within three working days of its receipt to the field office of the SBP, Banking Services Corporation, concerned for payment. Field office SBP, Banking Services Corporation, on the basis of authorized dealers’ certification will credit their accounts with the claimed amounts within three working days of receipt of claims for onward disbursement to the importer concerned immediately.