Federal Textile Minister Rana Mohammad Farooq Saeed Khan has feared 30 percent to 40 percent decrease in cotton production due to recent floods in the country. Addressing the Iftar Party with textile exporters at Pakistan Textile Exporters Association, here on Saturday, he said that country was facing one of the worst floods, which has ruined the national economy in addition to inflicting colossal loss to the infrastructure.
He said that Government was trying its best to rescue and rehabilitate the marooned families but people''s support is imperative to accomplish this Herculean task. He appreciated the co-operation extended by PTEA members for the help of displaced persons from Swat, Malakand and Bajor areas during war against terror. He said that they would again extend their fullest co-operation by helping their brethren in need.
He also assured that stuck up funds of Rs 45 billion of exporters in the heads of sales tax, special Excise Duty, Rebate and Drawback would be released very soon. It is their right and I will talk to Federal Minister for Finance to arrange these funds so that payments could be made to the exporters without any unnecessary delay. He also assured to talk to FBR official who have reportedly issued notices of detailed audit of the exporters.
Earlier, Khurram Mukhtar in his address of welcome urged upon the members to donate generously towards the Prime Minister Relief fund. He also pin pointed the fast looming crisis for the textile industry as cotton crop in most of the cotton growing areas have been washed away during this flood. He said that immediate and appropriate measures should be taken to deal with the emerging challenges. He was critical of the issuance of detailed audit notices to the exporters and said that exporters are exempted from detailed audit as their dues are deducted at source and are considered as full and final settlement of the dues.
He also hoped that Minister would intervene and arrange funds for the payments of stuck up Rs 45 billion. He said that the exporters are facing liquidity crunch due to non-payment of their drawback claims etc. Meeting was also attended by Central Chairman Pakistan Hosiery Manufacturers Association Rana Mushtaq Khan, former PTEA Chairmen Mian Muhammad Latif, Azhar Majeed Sheikh, Rana Arif Tauseef and Muhammad Yousaf.