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Smuggling of foreign cloths a main cause of sickness

Exemption of interest for sick textile industries advised

By Sohel Manzur
The body on sick industries recommended 100 per cent exemption of penal interest and 50 per cent exemption of general interest on the loans to sick textile units for their revival and rehabilitation, according to a report prepared by the body.
The report, finalised at a meeting of the body Sunday also recommended repayment of rest of the general interest through interest free blocked account In several installments.
According to the report the entrepreneurs of the sick textile units should be allowed to repay the actual project loan and the general Interest on it In 40 Installments up to 10 years and the interest on the Interest In 20 installments. In the next five years.
The entrepreneurs should also be allowed to repay the general interest on working capital along with the actual loan In three years In monthly Installments through blocked account. II suggested
The body advised the gov ernment Io ensure fresh working capital from banks
and financial institutions for the units after repayment of the existing loans.
It. however, suggested the government for providing subsidy to the banks to enable them to exempt the 100- per cent penal and 50 per cent general interest on the loans.
As many as 220 entrepreneurs applied for rcha biHtation of their textile units, of which the body found 212 units as genuinely sick Out of the total 220 units, 146 are totally closed, and the amount of overdue loans to the Industries by the banks and financial institutions are-Taka 13980.43 lakh.
The body on sick industries estimated that Taka 2963.25 lakh would be required as working capital to rehabilitate the sick textile units.
The body identified the problem of marketing as one of the major causes behind the sickness, of the units and found that the problem occurred mainly due to frequent smuggling of foreign textile Items, high production cost and Import of those textile ‘items which were produced by the local textile mills.
The body suggested strict measure against smuggling, ban on the import of those cloths which arc produced In country, lowering the electric Ity rate and tax on the textile Items as well as withdrawal of the peak-hour system" of the Power Development Board (PDB)
Il also advised the authorities to take measures to promote use of local clothes tn the local in garment Industries and to stop illegal sale of the clothes imported for using In the garment industries tn the local market.
The body stressed the need for formation of several groups with some 200 textile units and suggested that the groups be provided with licences for Importing raw materials from abroad.
It also recommended for providing the groups with sizing. dyeing, printing facilities.
The report^ gpcqmmcndcd as working capita) Taka 75000 for every loom.The responsibility of estimating the amount needed for buying machineries for the textile units should be vested with the banks. It observed.