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Govt. Urged to Exempt Poultry Sector L/C Margin

by 5m Editor
5 September 2008, at 8:46am

PAKISTAN - The Pakistan Poultry Association (PPA) has urged the government to exempt the poultry sector from 35 per cent L/C margin imposed on raw material imports.

In a statement issued on 4 September, PPA chairman Abdul Basit said he had written a letter to the Governor of the State Bank of Pakistan to look into the matter and to issue a notification to stop imposing the letter of credit (L/C) margin on poultry feed additives, grains and all imported items being used by the food producing sector. Otherwise, it would have adverse and devastating effects.

The International News reports that during a meeting with Jamail Ahmed, Executive Director State Bank of Pakistan, PPA was successful in convincing that all items are basic raw material of poultry industry, a food producing segment, should be allowed zero-rated L/C Margin. Jamil agreed to issue exemption orders of L/C Margin on all raw material of poultry sector in near future.

Mr Basit also emphasised during the meeting that import of chicken meat in any form should be discouraged and 100 per cent L/C Margin including 100 per cent import duty should be charged from the importers with immediate effect. Timely action could keep the poultry sector alive and millions of people are saved from becoming jobless, and country will save foreign exchange.

5m Editor