The State Bank of Pakistan (SBP) has directed banks to transfer the consolidated amount of Export Development Surcharge deductions – through Real Time Gross Settlement (RTGS) system – to the SBP instead of the National Bank of Pakistan (NBP).
Export Development Surcharge Deductions to Be Transferred to SBP Instead of NBP
SBP has directed the bank branches deducting EDS to transfer the amount to their main RTGS branch on daily basis. “The main RTGS branch shall arrange for the consolidated amount of EDS to be transferred on a T+1 basis (T being the deduction date) to SBP through RTGS for onward credit to EDF in an account titled G12305-Export Development Fund RTGS, Number: 021992999990394 Mnemonic: FGEDFRTG,” reads the circular from SBP.
For reconciliation and reference purposes, banks must include their unique reference number in both DAP filings and Bank Credit Advice (BCA) filings with Customs authorities. The central bank has also directed banks to ensure that the total number of individual transactions always equals the amount transferred via RTGS. It has also advised banks to ensure strict adherence to the instructions as the unlawful retention of government funds by banks will result in penalties.
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