Mar '11
It was only during the last month that the Ministry of Finance released Rs. 1.5 billion to reimburse the duty drawback claims of the exporters; however the SBP has yet not paid out the money to exporters.
The SBP has asked for some clarifications from the Finance Ministry regarding distribution of the money, but after exit of the former Textile Minister, Rana Mohammad Farooq Saeed Khan, the Ministry is not attending to any of the issues properly, while the textile sector requires urgent attention of the Ministry, Jawed said.
However, the SBP needs to understand the difficulties that the textile exporters are confronting with cotton prices prevailing at record high levels. The State Bank needs to urgently resolve the issues and start clearing the duty drawback claims of the exporters confronted by a severe financial crisis, he added.
Fibre2fashion News Desk - India
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