November 29, 2002	Friday	Ramazan 23, 1423

LAHORE, Nov 28: Pakistan Readymade Garments Manufacturers and Exporters Association, chairman Pervez Hanif, has urged the Governor State Bank of Pakistan (SBP) to extend Export Finance Scheme Relaxation (EFSR) to the exporters of readymade garments industry like the exporters of hosiery/knitwear, rice and hand-knotted carpet industries.

In a letter addressed to the Governor, SBP, Dr Ishrat Husain, Mr Hanif said the textile value added products (woven garments) manufacturing is much more tedious, difficult and time-consuming as compared to hosiery/knitwear, rice and hand knotted carpets. Therefore, he said, the penalties imposed on textile value added (woven garments) exporters for shortfall in exports under Part-II should be refunded.

He said the SBP has reduced the performance requirement for hosiery/knitwear, rice and carpets for the monitoring year 2001- 02 from two times to 1.5 times. Therefore, he said, the SBP should allow refund of fine, if any, upon a request from such exporter routed through their banker.

Mr Hanif also stated in his letter that the exports of some leading woven garment exporters have fallen to one third of company’s yearly performance due to a sharp drop in their exports to the US.

He also urged the Governor, SBP, to amend the circular No 24 dated Sept 11, 2002, for the inclusion of textile woven garments in the circular.