Financial transactions have been put on hold at Pakistan Central Cotton Committee (PCCC) for last one year due to what sources said that the budget for last financial year 2012-13 was still pending for approval due to negligence of the authorities concerned, it is learnt.

Official spot and seed cotton prices declined on the cotton market on Monday in the process of lacklustre business activity, dealers said. The official spot rate was lower by Rs 50 to Rs 6,400, they said. In the ready business, as a result of increase in Phutti arrivals, mills showed little interest in fresh purchasing. In the meantime, the ginners were not in a hasty mood to sell the stuff, dealers said. Prices for seed cotton per 40 kg from Sindh shed Rs 50 to Rs at Rs 3050-3150, they said.

Mian Ajmal Farooq, Chairman All Pakistan Textile Processing Mills Association (APTPMA), has said that no relief had been provided to the textile industry in the Budget 2013-14, therefore, it needs to be reviewed for some relief measures to the industry keeping in view present electricity and gas crisis the industry has been facing for last many years.