The State Bank of Pakistan has announced procedure for payment of 6 per cent Research and Development (R&D) support on export of processed food. The SBP issued a circular inviting attention of authorised dealers to Trade Development Authority of Pakistan’s (TDAP) public notice on the subject of 6 per cent R&D support for export of processed foods. The federal government has allowed 6pc R&D support on exports of processed food subject to observance of certain terms and conditions. ‘Claims so received may be forwarded to the TDAP for further necessary action at their end,’ said the SBP circular. The SBP said that the authorised dealers would receive the R&D claims from exporters for onward submission to the TDAP. After scrutiny and approval, the TDAP would forward the claims eligible for payments to SBP-BSC (Bank) Head Office, Karachi against ministry of finance’s proper allocation. Upon receipt, SBP-BSC (Bank), Head Office, Karachi would credit the concerned authorised dealers’ accounts accordingly for onward credit of the same to exporter’s account. ‘Authorised dealers are advised to bring the above to the notice of all their constituents,’ said the SBP circular.



Courtesy: Dawn