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PRGMEA slams bank on cut off date for submitting R&D claims

26
Jun '08

The Central Chairman of Pakistan Readymade Garment Manufacturers & Exporters Association (PRGMEA) Mr. Bilal Mulla has criticized on the decision of State Bank of Pakistan in which cut off date for submission of R&D claims is fixed for 25th June 2008.

In a statement issued from PRGMEA Mr. Bilal Mulla has said that the facilities announced in SRO 437 issued by Finance Division regarding R&D are valid till shipments of 30th June 2008 and State Bank is bound to honor the claims made for the shipments took place till 30th June 2008 claim of which will be submitted at later date.

Mr. Bilal was commenting on the directive of SBP issued asking banks to submit R&D claims till June 25th 2008, He further said that the directive itself is contrary to the said SRO which has intimated the date for R&D claims for shipments till 30th June 2008, as such fixing the date of 25th June is arbitrary decision of State Bank and majority of exporters will be deprived from availing the support facility of R&D.

Mr. Bilal appealed to Governor State Bank of Pakistan to reconsider the decision and withdraw the notification and allow the exporters to avail the facility till last date of financial year.

Pakistan Readymade Garment Manufacturers & Exporters Association

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