KARACHI: Towel Manufacturers Association (TMA) sent a letter to Governor State Bank of Pakistan on 16th Nov 2017. A copy was also sent to Secretary Commerce and Secretary Textile and Industry, highlighting following issues which need immediate resolution, otherwise improved exports may start declining.

1. According to DLTL “Notification 1 (42) TID17-RDA Dated 23rd Jan 2017. Refer Para # 4 Clause (9) of the notification under reference which states as under:

”Application containing discrepancies shall be returned by the State Bank of Pakistan to the authorized bank within a week from the date of submission of claims for re-submitting the applications, authorized banks shall quote the reference of the {forwarding schedule} under which application was originally submitted”

But this instruction is not being followed and the discrepancies are being taken out months after the submission, delaying the refund process.

2. Under the head of DLTL Ministry of Finance has released RS 9 billion out of which Rs 4 billion is lying pending with State Bank of Pakistan since long and not disbursed to Exporters. If it was disbursed then definitely improve in cash-flow of exporters which lead to increase exports.

3. Further SRO with regard to Notification No. 1(42-A)-TID/17-TR-II Dated 20-October 2017 of Duty Draw Back of Taxes Order 2017-18 issued by MINTEX but it has not been issued by State Bank of Pakistan as per rules due to which huge DLTL Claims of Exporters have been piled up.

Normally Buyers in Europe and US buy goods before Christmas and New Year as the sales time is at its peak as well as Hemtextil 2018 is also knocking at the door. If remedial measures not taken immediately exports will suffer badly.—PR