AGL 5.27 Decreased By ▼ -0.13 (-2.41%)
ANL 8.75 Decreased By ▼ -0.04 (-0.46%)
AVN 76.62 Increased By ▲ 0.37 (0.49%)
BOP 5.22 Increased By ▲ 0.03 (0.58%)
CNERGY 4.44 Decreased By ▼ -0.04 (-0.89%)
EFERT 81.32 Increased By ▲ 0.22 (0.27%)
EPCL 49.39 Increased By ▲ 0.38 (0.78%)
FCCL 12.80 Increased By ▲ 0.10 (0.79%)
FFL 5.59 Decreased By ▼ -0.03 (-0.53%)
FLYNG 6.90 Decreased By ▼ -0.03 (-0.43%)
FNEL 4.67 Increased By ▲ 0.02 (0.43%)
GGGL 8.64 Increased By ▲ 0.04 (0.47%)
GGL 14.21 Increased By ▲ 0.06 (0.42%)
HUMNL 5.54 Increased By ▲ 0.05 (0.91%)
KEL 2.63 Increased By ▲ 0.04 (1.54%)
LOTCHEM 28.04 Increased By ▲ 0.33 (1.19%)
MLCF 24.05 Increased By ▲ 0.45 (1.91%)
OGDC 71.13 Decreased By ▼ -0.44 (-0.61%)
PAEL 15.34 Increased By ▲ 0.14 (0.92%)
PIBTL 4.87 Decreased By ▼ -0.04 (-0.81%)
PRL 16.08 Increased By ▲ 0.25 (1.58%)
SILK 1.13 Increased By ▲ 0.08 (7.62%)
TELE 9.07 Increased By ▲ 0.08 (0.89%)
TPL 7.09 Decreased By ▼ -0.07 (-0.98%)
TPLP 19.09 Decreased By ▼ -0.09 (-0.47%)
TREET 21.20 Increased By ▲ 0.06 (0.28%)
TRG 139.80 Increased By ▲ 3.30 (2.42%)
UNITY 16.77 Increased By ▲ 0.01 (0.06%)
WAVES 9.41 Increased By ▲ 0.26 (2.84%)
WTL 1.36 Decreased By ▼ -0.02 (-1.45%)
BR100 4,186 Increased By 30.5 (0.73%)
BR30 15,467 Increased By 131.3 (0.86%)
KSE100 41,819 Increased By 279.4 (0.67%)
KSE30 15,448 Increased By 82.9 (0.54%)
Follow us

KARACHI: Hanif Lakhany, Vice President, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and Senior Vice Chairman Pakistan Yarn Merchants Association (PYMA) and Vice Chairman Farhan Ashrafi and convener FPCCI’s Central Standing Committee on Yarn Trading have lauded the ECC decision to withdraw customs duty on cotton yarns and said that ECC of the Cabinet withdrew customs duty on import of cotton yarns till June 30, 2021.

They called for the abolition of additional customs duties and regulatory duty on synthetic yarns for countering the negative effects of the corona epidemic and to continue the production activities.

Hanif Lakhany and Farhan Ashrafi said the ECC was commendable but the removal of additional customs duty and regulatory duty on synthetic yarns should also be abolished to support the textile industry, which is facing hurdles due to unavailability of raw materials and high prices.

So immediate permission should be given for cotton and cotton yarns import from India, they added.

“Due to low production of cotton in the country and huge increase in the price of cotton yarns in the local market, the cost of industrial production has gone up significantly. On the contrary, it is becoming more and more difficult to run industries, which may affect the delivery of export orders,” they pointed out.

Copyright Business Recorder, 2021

Comments

Comments are closed.

Cotton yarns: ECC decision to withdraw customs duty lauded

Finance Minister Dar briefs President Alvi on country’s economic situation

Arshad Sharif murder case: Supreme Court orders formation of new JIT

Rupee registers marginal decline, settles at 224.16 against US dollar

President for improving Pakistan’s IT ecosystem to facilitate growth

ECP supports use of electronic voting machines: Chief Election Commissioner

China announces nationwide loosening of Covid restrictions

UNGA adopts Pakistan-piloted resolution to bolster UN’s relief system

Japan announces additional $38.9mn for flood victims

One killed as Bangladesh police fire at opposition rally

Oil dips, hits lowest since January as U.S. data fans fuel demand fears