A US based importer, Best Mfg group, filed bankruptcy under chapter II (Business Recorder, dated 23rd August, 2006) as such about 42 million dollars of Pakistani exporters are lost/struck-up.
We have been requesting the State Bank of Pakistan not to allow shipments on D/A basis (open credit) as it is prohibited in India and China who are still existing in international markets and even more aggressive than us?
Shipments on open credit basis will eliminate internal competition among our fellow exporters on the one side and will save them from unseen losses like 42 million dollars.
The State Bank should maintain data record of importers of all products and inform the commercial banks of the importers who refuse documents on minor and irrelevant discrepancies also of those who do not pay documents on CAD/DP basis too. This will give an umbrella to our exporters.
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