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Govt announces mark-up rate for textile sector

03
Sep '09
The Ministry of Textiles issued a 'Mark-up Rate Support' notification order stating that, support will be admissible to the extent of 2.5 percent or the difference in mark- up rate between floating rate loan and Long Term Financing Facility (LTFF) rate, whichever is lower.

This order will come in to force from September 1, 2009 and Mark-up support can be taken, on, outstanding running balances of principal amount of floating rate long terms loans availed by the textiles industry and disbursed up to August 31, 2009, for financing import/purchase of textile machinery for which funds under State Bank's LTFF have not been availed.

The payments will be made by the commercial banks or Development Financial Institutions (DFI's) on a six monthly basis in March and September each year, subject to release of necessary budgetary allocation by the Federal Government for relevant fiscal year.

The facility shall be administered by the commercial banks or DFI's and they will make the payment to the extent of mark-up rate support on the outstanding balance of loans availed by the borrower of textiles sector and claim reimbursement from, the apex bank; State Bank of Pakistan.

The textile units, registered under the scheme, will be provided with special identification numbers to be used in all future communications. The registered units shall furnish data and any information related to the unit's operations, domestic sales, accounts and exports as, where and when required by the Ministry of Textiles.

Fibre2fashion News Desk - India


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