Unisame urges strict action against profiteering, hoarding, smuggling and illegal money exchange trade. Financial Daily 19/09/23

Sep 22, 2023 |

Also urges FBR to check leniency by customs allowing misdeclaration in invoicing

The Union of Small and Medium Enterprises (UNISAME) appreciated the efforts of the caretaker government in strengthening the rupee on national television business channel and urged it to take remedial measures to save the economy.
President UNISAME Zulfikar Thaver said it is heartening to note that commercial banks have decided to set up exchange counters of their own to enable the economy to come out of the clutches of exchange dealers who indulge in illegal hawalas and hundis. He urged the government to crackdown on illegal foreign exchange dealers more severely. He urged strict action against profiteering, hoarding, smuggling and illegal money exchange trade.
Secondly he pointed out that the Federal Board of Revenue should take notice of the customs authorities showing leniency in under invoicing of import trade to save on duty and also under invoicing in export trade for money laundering.
Thirdly he stressed on the need for a very effective price check system as the retailers have made a killing in the name of inflation and indulged in profiteering beyond imagination.
Fourthly he urged the government to examine the possibilities of manufacturing mobile cell phones, solar panels and growing tea in Khyber Pakhtoon Khawan areas to save valuable foreign exchange.
Thaver said the commercial banks are not inclined to open letter of credits for SMEs and as such he urged the government to allow imports under self financing by allowing SMEs to keep their own dollars in bank deposits against imports.
He reiterated that imports and exports are like warp and weft and without imports the exports are not possible as the raw materials are not available in Pakistan.
The UNISAME Council members urged the government to establish value addition bureau and work on value addition of export items. They also urged the government to strengthen SMEDA, EDB, and PCSIR to cater to the requirements of SMEs struggling in these challenging times.

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