The efforts of the All Pakistan Textile Association (APTA) bore fruits because the government has issued notification annulling the 1 percent special surcharge on imported cotton. Chairman All Pakistan Textile Association (APTA) Adil Mehmood stated this in a press statement, here on Tuesday.
Adil maintained that APTA members met with the Chairman, Senate Committee for Finance and discussed matters concerning crisis-hit textile sector. He said that support extended by the Senate members was unprecedented, which resulted in such quick and effective response from the CBR.
'APTA member were grateful to the Chairman CBR, who had verbally committed in the Senate meeting to remove this anomaly', he added.
Moreover, APTA members met with Pakistan Muslim League (PML) Head Chaudhry Shujaat Hussain and Secretary General Mushahid Hussain and apprised them of the problems being faced by the textile spinning industry. Another notification had been issued by Ministry of Commerce regarding import of Long-staple cotton from India. They also demanded that import of medium staple cotton be allowed through land routes.
Moreover, Adil said that State Bank of Pakistan had issued relaxation in the Prudential Regulations. Now borrowers can obtain finance up to 4 times the fresh injected equity in a company, and further relaxation in the current ratio to 0.65:1, he claimed.
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