The Multan Chamber of Commerce and Industry (MCCI) has also urged the State Bank of Pakistan to take all the stakeholders into confidence before introduction of Chapter 11 regarding bankruptcy in the banking laws. MCCI President Anis Ahmed Sheikh said the progress on Chapter 11 bankruptcy law is in the final stage while the important stakeholder MCCI has not been consulted.
They said that if the SBP introduces Chapter 11 without proper consultation of the stakeholders the results could be quite different what are being presumed by the SBP. They said that the business community has reservations about the banking sector and understands well that the high mark-up at the rate of 15 percent with over 6 per cent banking spread is one of the major contributors to the economic meltdown and ongoing industrial crisis.
The MCCI President was of the view that if the State Bank wants to evolve balanced policies it would have to take the business community along in the process of policy making.
At a time when banks in Pakistan have their spread even more than the mark-up in vogue in the developed world, how the businesses could remain competitive, they asked. The MCCI office-bearers said that like other sectors, the banking sector also needs to be monitored properly as it has been earning a huge profit for the last many years at the cost of local industry and now when the industry direly needs cut in mark-up rates, the SBP has failed to respond to its SOS calling.
Multan Chambers of Commerce and Industry (MCCI) has demanded removal of black tea from the Afghan transit trade list. MCCI recommended that the import of tea should be included in the negative list for ATT. "Majority of the Afghan people drink green tea (kawa) and do not import tea, as the volume of import is much higher than the estimated demand," they said.
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