SIALKOT, June 17: The Sialkot Chamber of Commerce and Industry has urged the government to immediately abolish 35 per cent cash margin on opening of letters of credit by the importers.
Talking to the newsmen on Tuesday, SCCI President Dr. Khurram Anwar Khawaja said that 35 per cent margin on LCs was badly hampering imports as the industry would not be able to import raw material to be used in manufacturing of export products.
He said the step would result in shortage of the raw material and would also increase the cost of production adversely affecting country’s exports.
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