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Hosiery exporters affected by outstanding claims
Jun '10
Surplus amount of funds of the hosiery exporters gets wedged owing to delay in the release of payments, thereby, suffering huge crisis, claimed Chairman of the Pakistan Apparel Forum, Jawed Bilwani.

Bilwani further mentioned that, the State Bank of Pakistan is now operating on the lines of Customs and Sales Tax Department and that, agents too have changed their attitude. For instance, exporters, who are in good terms with agents witness a speedy release of their claims, whereas, those who do not communicate with such agents, have to wait for an indefinite time period for the release of their payments.

Several exporters have lodged complaints with respect to the additional expenditure gained due to paying such agents, which they feel is wrong, considering the increasing problems that the value-added textile exporters are encountering, owing to huge quantities of their funds getting blocked in the State Bank of Pakistan, while fighting to survive in the international market, averred Bilwani.

According to Bilwani, rigid competition from neighbouring nations, lack of duty free access in EU and US, unpleasant factors faced in the country such as recurrent cut in electricity, high rate of utilities, unavailability of cotton yarn and its increasing prices and the fading law and order scenario, are probably unseen by the State Bank of Pakistan, owing to which there is unwanted delay and stoppage of genuine claims made by the exporters of the value added textile sector.

All these uncalled for situations have made it difficult for the exporters to keep pace of their production for exports and make timely delivery of the export orders.

Fibre2Fashion News Desk - India

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