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State Bank praised for instant resumption of duty drawbacks
23
Dec '10
The Federal Advisor on Textile, Dr Mirza Ikhtiar Baig has lauded and expressed gratitude towards the Governor of State Bank of Punjab – Shahid Kartar for his instant act of resuming the payment of the duty drawback claims of the textile exporters. This even includes the payments which were made on June 30, 2010.

Under the government's package of Rs 40 billion to be used over a period of five years, the duty drawbacks were sanctioned under National Textile Policy 2009-14, whereby garments were made eligible for a duty drawback of three percent, home textiles for two percent and fabrics for one percent duty drawback.

Dr Baig had raised the issue before the Ministry of Finance and the Ministry has released five billion rupees to the State Bank of Punjab for settling the duty drawback claims of the textile industry.

Fibre2fashion News Desk - India

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