LCCI hails removal of cash margin

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Saturday welcomed a State Bank of Pakistan decision to remove cash margin requirement on goods import and termed that a step in right direction.

In a statement, LCCI president Kashif Anwar, senior vice president Zafar Mahmood Chaudhry, and vice president Adnan Khalid Butt said due to measures taken to minimise imports, the industry had been facing shortage of raw materials, machinery and other inputs which was affecting all the sectors.

They stated that the blockage of funds situation was arising on a condition of 100 percent cash margin. “But now the situation will take a positive turn around,” they said.

LCCI officials hoped that the removal of cash margin would support the ease of doing business. They also urged the government to eliminate regulatory duty, customs duty and additional customs duty on essential raw materials. The issues of pending refunds and multiple audits should also be resolved besides reducing the rate of withholding tax for businesses, they demanded.