KARACHI: Pakistan Yarn Merchants Association (PYMA) informed Governor State Bank of Pakistan, Jameel Ahmed of serious situation arising from obstacles in clearance of textile import raw materials. It requested for facility of Letter of Credits (LCs) should be restored to continue production activities so that clearance of imported raw materials can be possible.

In letter to Governor Bank PYMA senior Vice Chairman Sohail Nisar pointed out that Polyester Filament Yarn 5402.4700, Polyester Textured Yarn 5402.3300, Pre Oriented Yarn 5402.4600, Polyester Spun Yarn 5509.2100 and 5509.5100, Polyester Sewing Thread 5402.6200, Viscose Filament yarn 5403.3100, Nylon Filament Yarn 5402.4500, Nylon Textured Stretch Yarn 5402.3100, 5402.3200 were basic raw material of textile and without which textile manufacturing segment cannot operate. PYMA members were facing undue delays from commercial banks in opening of new Letters of Credits. Furthermore, banks were also delaying processing of shipping documents for long periods, resulting in high detention and demurrage charges for our members, while also creating shortage of raw materials in local market. Sohail Nisar requested Governor Bank that they treat it essential goods, and further requested to instruct commercial banks to facilitate all transactions related to HS codes on an expedited basis.

Published in The Daily National Courier, January, 20 2023

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