SBP raises fine on non-submission of export certificates

The State Bank of Pakistan has decided to enhance fine on account of non-submission of Export Proceeds Realization Certificates (EPRC)from Rs 5,000 to Rs 20,000 in order to make the monitoring of the Scheme more effective. According to a Circular, 25% of this fine i.e. Rs 5,000 would be non-refundable even on late submission of EPRC. The time frame required for submission of EPRC is 210 days or within 30 days from the date of realization of export proceeds.