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Chief Manager State Bank of Pakistan (SBP) Faisalabad, Waqas Kashif Bajwa has said that business community must realise difference between policy matters and implementation issues for their resolution at an appropriate forum. Addressing an awareness session on Local Taxes and Levis Drawback (LTLD) and Duty Drawback of Taxes (DDT) in Faisalabad Chamber of Commerce & Industry (FCCI) here Friday, he said that the problems relating to implementation coupled with procedural problems of local nature are being immediately settled according to the satisfaction of the Faisalabad Chamber of Commerce & Industry (FCCI). Similarly, the matters relating to policies are forwarded with recommendations to the head office as it falls within the domain of the head office and in some case with government.
He expressed satisfaction over excellent working relationship between FCCI and SBP and told that they had been regularly arranging awareness sessions for the benefits of business community. He told that SBP officials are ready to give awareness to the exporters so that they could apply in a proper way for the payment of their LTLD and DDT claims. "It will enable banks to process the same without any inordinate delay," he added.
He said that concerns were expressed in a previous session regarding delay in the payment of LTLD and DDT and hence, he had invited experts from Karachi to directly interact with the exporters and redress their genuine grievances.
He told that SBP is trying its optimum best to ensure payment of LTLD and DDT claims within the prescribed period but it is subjected to the release of fund by Finance Ministry. "In case of inordinate delay by the concerned banks," he said the exporters should immediately inform SBP so that action could be initiated against responsible banks.
Earlier, Syed Zia Alumdar Hussain president FCCI in his address of welcome expressed satisfaction that government has restored the facility of advance payment of 10,000 dollar per invoice. "It will certainly help in enhancing national exports," he remarked.
Regarding gap between imports and exports, he said that this difference could be bridged by fulfilling the financial needs of exporters and in this connection there refund claims must be paid immediately. He also mentioned a proposal to issue negotiable bonds for the in-time payment of refund claims of exporters as it will solve the liquidity problem of the exporters to some extent. Syed Zia Alumdar Hussain also demanded relaxation in prudential regulations so that sick value added textile units could be revived to supplement the efforts to increase national exports.

Copyright Business Recorder, 2019

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