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Commerce Ministry Set to Release Rs. 37 Billion DLTL for Exporters

“Discover the latest plans of the Commerce Ministry to release Rs. 37.306 billion in Drawbacks on Local Taxes and Levies (DLTL) to support struggling exporters. Learn how these funds aim to alleviate liquidity issues and boost vital export sectors for a stronger economic future.”

Commerce Ministry Set to Release Rs. 37 Billion DLTL for Exporters

The Commerce Ministry is planning to give Rs. 37.306 billion to exporters to help them with their money problems. They want to release the money, known as Drawback on Local Taxes and Levies (DLTL), to support important industries that export goods.

To make this happen, the Commerce Ministry will send a request to the Economic Coordination Committee (ECC) of the Cabinet. Dr. Gohar Ejaz, the Caretaker Federal Minister for Commerce and Industries, led a meeting to discuss this plan.

They talked about how DLTL was stopped on June 30, 2021. Because of this, the industries didn’t get Rs37.5 billion, causing a big problem for them. They couldn’t invest or make new products, hurting the country’s overall exports.

According to the plan, they need Rs 37.306 billion in the current fiscal year (2023-24) to pay the pending claims. This includes:

  • 32.782 billion for claims until December 27, 2023, for textile and non-textile sectors.
  • 4.354 billion for claims until September 23, 2021, for the Technology Upgradation Fund (TUF) in the textile sector.
  • 170 million for claims until November 11, 2021, related to social security in the textile sector.

Revamped System: Exchange Companies’ New Exchange Rate Method

Dr. Ejaz confirmed that they are serious about this issue and will ask the ECC to release the money soon. He is also planning to visit Karachi to meet with the business community and discuss these matters. Dr. Ejaz emphasized that the government wants to help industries and increase exports to overcome economic challenges.

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