The reduction of bond period to six months from one year and the condition of post-dated cheques for the custom duties of bonded goods will prove a blow to the industrial consumers in importing raw materials in bulk, said chief executive, Guard Group and former FPCCI Chief, Iftikhar Ali Malik.
In a statement issued here on Saturday, Malik said that the industrialists are building inventory of raw materials to cushion against the uncertain conditions. He added that the government knows our engineering, chemical, pharmaceutical and other important industries, which depends upon 90 percent imported raw material. In such an event the imposition of post-dated cheques and reduction of bond period to six months will create cash flow problems apart from hardships to the Industry.
He requested the government to restore bond period to one year and remove the conditions of post-dated cheques without any delay. For some defaulters the whole industrial set up should not be perturbed.-PR