The Federal Government has approved a summary by the Ministry of Textile Industry to entertain Research and Development (R&D) claims against shipments made up to June 30, 2008. The government on the pressing demand of textile exporters and in order to save hosiery and value-added textile sector from persistent crisis has allowed R&D facility.
However, present government has not yet decided to continue this facility for the next financial year of 2008-09. Earlier, the State Bank of Pakistan had fixed cutoff date as June 25, 2008 to receive R&D claims. This situation deprived textile exporters of filing their claims in-time in addition to depriving them of this facility on shipment made from June 25 to June 30, 2008.
According to a local exporters, SBP had also refused to receive their claims after 11:00 pm on June 25, 2008, depriving them to submit their claims in time. Thus, a large number of claims could not be filed within this cutoff date. However, on the summary moved by the Ministry of Textile Industry, the Economic Coordination Committee (ECC) of the Cabinet approved the proposal to entertain R&D claims against shipments up to June 30, 2008.
The Ministry of Textile Industry has now requested the State Bank of Pakistan to finalise the R&D claims and make payments to the eligible exporters. It is said that total number of such cases relating to Faisalabad are around 4000.
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