The government is all set to evolve a comprehensive mechanism to monitor import of various materials and their proper utilisation at the user-end level, reliable sources told APP here on Tuesday. The monitoring system would be jointly developed by Federal Board of Revenue and the relevant department of Ministry of Industries and Production, sources said.
"We have to ensure that the material imported from various countries is properly utilised and goes to the sectors it has been imported for," the sources maintained. The sources added that this measure has been taken to promote local industry and for the benefit of vendors and the customers.
They added that Auto Industry policy was announced two years back and under the policy 5 percent Central Excise Duty (CED) was imposed. They said that they have proposed to the government that this duty should be reduced in the forthcoming budget for the development of the sector.
The Ministry of Industry's sources said that this facility on raw materials to auto industry be monitored through the computerisation of the system so that the tariff facility on the import of the raw materials could promote the auto industry and benefit the customers. The sources were of the view that an Endowment fund be created in each district for the promotion of small and medium enterprise at the local level for the benefit of the country and poverty reduction.
Comments
Comments are closed.