LAHORE: A delegation of Pakistan Carpet Manufacturers and Exporters Association (PCMEA) called on the Deputy Governor State Bank of Pakistan (SBP) Dr Inayat Hussain and briefed them about the problems faced by the exporters.
The delegation included Chairman Mohammad Naeem Khokhar, Senior Vice Chairman Usman Ashraf, Vice Chairman Zafar Idris Surija, Senior Central Leader Abdul Latif Malik, Shahid Hasan Sheikh, Naeem Sajid, while other senior officers including Director Policy and Director Operations assisted Deputy Governor State Bank Dr Inayat Hussain.
The delegation of the association informed Dr Inayat Hussain that delays in payments from foreign countries are common due to preparation of documents, communication between banks and other reasons.
“However, the State Bank has imposed a penalty of up to 9% on payments from foreign countries after the stipulated period of 60 days, due to which heavy deductions are being made from the payments of the exporters,” adding they said it is demanded that the relevant circular be withdrawn, the special status of 270 days credit condition for handloom carpets be restored and it takes time for the freight to arrive by sea, so the delivery time limit for CAD shipment should be increased from 45 days to 60 days.
The delegation informed the Deputy Governor State Bank that unutilized advance payments also remained a problem whereas earlier the system used to allow adjustment which has now been done away with. It is requested to issue permission to adjust these unutilized advances or to permanently cancel their status as advances.
Governor State Bank while assuring the delegation of Carpet Association to solve the problems said that exporters are the backbone of the economy and efforts will be made to solve the problems identified by the delegation. He assured the delegation that the contacts will be continued in the future to solve the problems of the exporters.
Naeem Khokhar and Usman Ashraf said that the exporters of handmade carpets are trying to increase exports despite the fluctuations in the value of the dollar, increase in production cost and other difficulties and government and other related institutions including State Bank have always extended their support for which they are grateful,” however, sometimes issuance of policies and circulars without consultation of stakeholders leads to difficulties and complications. “We hope that every department that is concerned with exports will cooperate with us and we guarantee to increase Pakistan’s exports despite adverse conditions,” they concluded.
Copyright Business Recorder, 2023
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