ISLAMABAD: Rs 30 billion were released as refund by Federal Board of Revenue (FBR) to resolve liquidity crunch being faced by the exporters for as many as 554 exporters after canceling bonds issued to them.
The government had issued bonds worth Rs 30 billion to exporters a few months back, however, exporters were facing difficulties because these bonds were not tradable, causing problems for them. The exporters had demanded the government to cancel the bonds and return the amount in cash. The development was also acknowledged by FBR high-ups, who added that the amount will help them overcome their liquidity crunch.
“Yes, we have made cash payment of total refund amount of Rs30 billion to 554 persons,” FBR’s member inland revenue policy Dr Hamid Ateeq Sarwar confirmed to The News. The FBR also announced that it has disbursed payment to exporters/bond holders by redeeming bonds issued to the refund claimants.
The government took this step in order to resolve liquidity crunch being faced by the traders. The exports have just started picking up momentum as export earning fetched up to 10 per cent increase in recent months after witnessing flat growth in the last few years.
TNT Report
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