Karachi, April 01, 2016 (PPI-OT):The Union of Small and Medium Enterprises (UNISAME) has invited the attention of the State Bank of Pakistan (SBP) to the mandatory disclosure of actual name and address of the buyers in the forms required by the commercial banks resulting in unhealthy disclosure to information seekers in other connected departments and agencies as disclosure of buyers is against the principles of business secrecy.
President UNISAME Zulfikar Thaver said the SBP has directed the commercial banks not to certify the respective forms without the names and address of the actual buyers in the importing country and this has compelled the exporters to disclose the names and addresses of their buyers and the SMEs are not happy about this procedure as the names and addresses of their buyers are disclosed.
Thaver whilst appreciating the concern of the SBP and its foresight to safeguard the interest of the exporters in case of default and legal complications has urged the central bank to improve upon this complicated system whereby the name and address of the buyer is not disclosed in the respective forms which passes through several other agencies.
The name and address of the buyers is available to the commercial banks as they have the information on other important documents namely the invoice, the packing list and the bill of exchange.
The exporters usually submit the invoice, packing list and other documents to the customs with the name of the buyers bank as the consignee with the endorsement authority to pass on the title to the consignee on retirement.
In the past the exporters used to print the names and addresses of the buyers bank as technically the importers banks were the owners to the title of the goods as the funds and value of the goods are transferred through the banks and till the retirement of the documents the banks are the virtual consignees.
UNISAME experts stated that since the name and address of the buyer is made known to the commercial banks who negotiate the documents and even discount/ purchase the documents the need for disclosing the name and address of the buyer in the respective forms must not be mandatory as it passes through various agencies which is against the principles of business secrecy.
For more information, contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street,
Phase IV, D.H.A., Karachi, Pakistan
Cell: +92-300-8245307, +92-321-8245307