FCCI to propose steps for stopping rupee devaluation

FAISALABAD: Faisalabad Chamber of Commerce & Industry (FCCI) will recommend immediate steps to check the increasing parity between rupee and dollar and uninterrupted smuggling of dollars from Pakistan to Afghanistan through “Hawala-Hundi”, said Dr. Khurram Tariq President FCCI.

Addressing the executive committee members, he said that non clearance of import consignments due to the acute shortage of dollars has badly affected the industrial sector. He said that importers have to bear detention demurrage charges which have created a serious situation for them. He said that industrial units are working with installed capacity of 60-70% which is expected to further reduce to 40% during next month.

Dr. Khurram said that industrialists have arranged the salaries of their workers for the current month but they are not sure about the next month. He was critical of the FBR notices regarding deemed income and said that capital value tax would be in addition to its which would shatter the financial strategy.

He urged upon the government to withdraw the detention demurrage charges due to the non-availability of the dollars. Similarly, the import consignments should also be cleared on priority basis to avoid shortage of raw material in addition to its price spiral in the domestic market. He said that currently nobody is ready to hear about their demands; however, he would continue to raise voice for the solution of problems being confronted by the business community.

Copyright Business Recorder, 2023