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Textile exporters urge apex bank to settle R&D dues
09 Nov '09
1 min read
The Pakistan Textile Exporters Association has requested the apex bank in the country to disburse the R&D claims of the textile exporters, since the bank has received the proceeds from the Ministry of Finance.
Khurram Mukhtar, Chairman, and Sohail Pasha, Vice Chairman, of the Association said that since the exporters are facing a serious liquidity crunch, it would be appropriate if the funds were released since, procedure for disbursement of the remaining 60 percent R&D claims have already been finalized.
They said that 60 percent of the R&D claims were pending since the last one year and as and when the State Bank of Pakistan was approached for clearing the dues, the bank pointed towards the finance ministry for not releasing the funds.
Khurram Mukhtar, Chairman, and Sohail Pasha, Vice Chairman, of the Association said that since the exporters are facing a serious liquidity crunch, it would be appropriate if the funds were released since, procedure for disbursement of the remaining 60 percent R&D claims have already been finalized.
They said that 60 percent of the R&D claims were pending since the last one year and as and when the State Bank of Pakistan was approached for clearing the dues, the bank pointed towards the finance ministry for not releasing the funds.
Fibre2fashion News Desk - India
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