LCCI demands withdrawal of export proceeds circular

LAHORE (APP):Lahore Chamber of Commerce and Industry (LCCI) here Saturday urged the State Bank of Pakistan to withdraw recently issued Circular No. 02 of 2023 on March 31, 2023 regarding the realization of Export Proceeds.

In a meeting with LCCI President Kashif Anwar, the exporters of meat, carpet, auto, agriculture, leather, textile and other sectors, led by former president LCCI Shahid Hassan Sheikh, showed their concerns over the notification issued by the SBP.

The LCCI President Kashif Anwar announced a committee led by former president Shahid Hassn Sheikh and consisted of representatives of different exporting sectors. The committee would collect budget proposals and other suggestions for State Bank of Pakistan (SBP) and relevant departments, while the LCCI would convey these suggestions to higher levels and policy making corridors.

Kashif Anwar said that every exporting sector had its own specifications, e.g some were highly value added and have long shelf life like carpets and others were dealing in perishable items. Keeping in view, their products diversification, shelf life and other factors, the export proceed time should be determined after thorough consultation with the stakeholders.

LCCI President Kashif Anwar said that according to the circular, in case of delays in bringing the export proceeds into the country, there would be fines ranging from three to nine percent on the realized export proceeds.

He was of the view that this measure would adversely impact the exporters and also affect the competitiveness of Pakistan ‘s products in the international market. The LCCI requests the State Bank of Pakistan to review this measure in the best interest of our exports, he added.