According to the State Bank of Pakistan they have paid more than 30,000 cases amounting to Rs 2 billion under R&D support and there are only 54 pending cases containing discrepancies in the documents.
This was disclosed during a high-powered meeting of the value added sector, which was convened by Liaquat Durrani, MD, Banking Services Corporation (a subsidiary of SBP), to discuss 6 percent R&D support to value added sector (made-up garments).
Dr Mirza Ikhtiar Baig attended the meeting as the chairman FPCCI Standing Committee on Textile Apparel & Value Added Products. The participants complained that there is lot of delay in payment due to any minor mistake in the documents for the claims.
After a lot of deliberations Dr Mirza Ikhtiar Baig, with the support of all participants, proposed and agreed with MD, SBP Liaquat Durrani that the State Bank will advise the concerned associations through e-mail all the cases of R&D support with discrepancy, if any, maximum within seven days on receipt of the documents and once these discrepancies are removed then payment should be made within three working days at the most.
Dr Ikhtiar Baig also proposed that the representatives of four associations of value added sector would also visit the SBP to find out discrepancies, if any, in the export documents of their members.
Dr Baig's proposal was widely appreciated by the participant members Aslam Karsaz, Kamran Chandna, Dawood Jakura, Rafiq Gondal, Attiq Kochara, Javed Akhtar representing various value-added associations.-PR