15 percent RD on yarn export: National Assembly body for extension of period to August 26

The Standing Committee of the National Assembly on Textile Industry expressed its displeasure as Governor State Bank of Pakistan and Presidents of leading banks, called to discuss ways and means for provision of loans on easy instalments to the industry facing financial crunch did not attend the meeting.
The Committee also recommended that the imposition of 15 percent regulatory duty on the export of yarn be extended up to August 26, 2010, which was going to expire on July 26, 2010. The Standing Committee on Textile industry met under the chairmanship of MNA Sardar Talib Hassan Nakai here on Tuesday. The committee discussed the problems being faced by the Textile Sector particularly in case of bank loans and yarn export. The issues relating mainly to loans and other banking issues could not be taken up due to absence of heads of leading banks.
The Committee directed the Governor State Bank and presidents of the National Bank of Pakistan, the Bank of Punjab. United Bank Limited, Habib Bank Limited, Muslim Bank Limited and Allied Bank Limited to ensure their presence in the next meeting of the Committee.
The meeting was attended by representatives of all major banks including State Bank of Pakistan; however, the committee expressed its displeasure as these representatives lack decision making power. The Committee recommended that the imposition of 15 percent regulatory duty on the export of yarn be extended up to August 26, 2010.
The Committee further directed the Ministry to bring law to restrict Spinning Mill owner to stock Cotton/yarn not more then 3 months and copy of the same should be submitted to committee in its next meeting. The meeting was attended by Tariq Shabbir, Member; Khan Zada Khan, Member; Mahmood Hayat Khan Tochi Khan, Member; Syed Akhonzada Chitan, Member; Rana Asif Tauseef, Member; Abdul Rashid Godil, Member; Rahela Baloch, Parliamentary Secretary M/O Textile Industry and Rana Muhammad Farooq Saeed Khan Minister for Textile Industry.