Friday, 6 February 2015

Punjab government offers rate of Rs 1260 per maund

The Punjab government allocating surplus wheat stocks for export purpose has offered the intending exporters to lift as much quantity as they desire by depositing payment at the rate of Rs 1260 per maund. This offer was made by the Punjab Food Minister Bilal Yaseen at a meeting held at the office of the Secretary Food here on Thursday attended by the wheat exporters, flour mills owners, provincial secretary food and director food.

The minister informed that the federal government had formally permitted export of surplus stocks of wheat by extending a rebate of US 55 dollars per metric tons. The minister urged the exporters that they could take as much wheat as they require from the allocated stocks after depositing its price through a bank draft and gunny bags.

As per guidelines issued on the website of the provincial Food department for the exporters, agreement will be signed for a sale/purchase of minimum 1,000MT wheat. 45 days Letter of Credit (LC) facility will be given on an agreement of minimum sale/purchase of 2,500MT wheat. Exporter will also submit bank guarantee valid for 120 days, equal to rebate amount of the quantity purchased at US 55 dollar per metric tons on interbank rate as of date of signing of agreement deposit of amount from any of the designated commercial banks.

Punjab food director while speaking at the meeting said that the exporters would be bounded to export wheat lifted from the department within 30 days of the delivery and bank guarantee would be returned to them after attestation by the Food department. He intimated the intending exporters that surplus stocks are present in Bahawalpur, Dera Ghazi Khan, Multan, Sahiwal and Sargodha procurement and storage centres of the department. He urged the exporters to visit the website of the department for further information.
Copyright Business Recorder, 2015

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