The Ministry of Industries and Production has exempted three companies from 75 percent bank guarantee, allowing them to deposit Rs 625 million, each, instead of Rs 2500 million for import of duty-free tractors, sources told Business Recorder here on Saturday.
They said that the ministry had sought permission from the Prime Minister for allowing the companies to deposit 25 percent of guarantee, which they had agreed at the time of final negotiations.
One official claimed that the companies have also been allowed to encash their guarantees as their spare parts and machinery had landed at the port, but this was not confirmed.
Sources said that the government would not amend the agreement with the companies, in which they have been allowed duty-free of import 7500 tractors.
Asked when the ministry would allocate the remaining 2500 tractors, sources said that orders might come from top, as happened earlier.
This correspondent tried to contact Secretary, Industries and Production, but was told that he was busy in relief operations in quake-hit areas of NWFP.
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