SBP to credit Duty Drawbacks directly into Exporters bank accounts from Sept 1st

The State Bank of Pakistan (SBP) will be crediting the Duty Drawbacks directly into the bank accounts of the exporters, effective from 1st of September 2020 announced Advisor to Prime Minister on Trade Abdul Razak Dawood on Saturday.

“Exporters have always been wanting that their refunds go directly into their accounts from the SBP,” said Dawood in a series of tweets. “I am pleased to announce that effective from 1st of September 2020, the SBP will be crediting the Duty Drawbacks directly into the bank accounts of the exporters,” he said.

“I am grateful to SBP and Pakistan Customs for establishing this system of direct transfer of Duty Drawback, without any human involvement on the initiative of Ministry of Commerce,” he added.

Earlier, Dawood said that Pakistan’s export product diversification strategy has shown impressive trend in July 2020.

Dawood in a series of tweets on Friday said “In line with our export product diversification strategy, the exports of the following products have shown encouraging trend in July 2020 over July 2019: 1. Exports of Fish and Fish Products have increased by 50% to US$26 million from US$17mn. 2. Export of Food Preparations increased by more than 300% to US$6.4mn from US$1.44mn.”

Dawood was of the view that the diversification of our exports away from the traditional sectors to new developmental sectors is an important part of government strategy.