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Exporters assured of timely refunds by ministry
Mar '11
Shahid Rashid, Secretary, Ministry of Textiles has extended an assurance to the textile exporters that all their duty drawback claims would be cleared in time, and that the Ministry is fully active on this front.

Elucidating on this, the official said that a sum of Rs. 1.6 billion has been disbursed to the State Bank of Pakistan to reimburse the claims of the exporters on pro-rata basis.

The sum constitutes 14 percent of the total amount of the duty drawback claims. Moreover, a sum of Rs. 7.5 billion was also sanctioned for the purpose in last year's budget. It is expected that claims worth around Rs. 17 billion would be cleared by June 30, 2011.

Further, while speaking with the Chairmen of several associations in the value added textile sector at Pakistan Hosiery Manufacturers and Exporters Association (PHMA) House, Rashid stated that, after obtaining the details regarding the estimated sum of the refund claims, he has forwarded a letter to the Finance Ministry requesting it to make provision for Rs. 17 billion for payment of the claims.

The exporters would receive a handsome amount by way of pro-rata allocation, by close of the current financial year.

He said that, SBP had raised some doubts regarding disbursal of the sum, which have been now clarified and the Textile Ministry has directed it to make payment for the claims on pro-rata basis.

Fibre2fashion News Desk - India

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