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QSC announces 35 pc penalty on exporters

MUZAFFAR QURESHI

KARACHI: The Quota Supervisory Council has announced penalty at the rate of 35 percent of fob value on exporters who have made shipments by December 31, 1999, over and above their quota entitlement. The penalty has been imposed to legalise overshipments made by them.

The Quota Supervisory Council has said that visa might be granted to the exporters provided they pay a penalty of 35 percent of fob value on the excess quantity shipped by them.

It said that shipments would be allowed against the exporters' quota of the year 2000 and the excess quantities would be deducted from the year 2000 and re-allocated in 2001.

The last date for granting of visa in such cases will be January 31, 2000.

The QSC announcement says that in view of the difficulties being faced by certain exporters who have made shipments by December 31, 1999, over and above the quota available in their passbooks, in contravention of the SRO, it has been decided that these overshipments may be legalised on payment of penalty by the exporters.

The exporters have welcomed the QSC decision which would save large consignments of textiles stuck up in customs in the US and other European countries without visa.

Meanwhile, shipments of textiles under quota have resumed in full swing with the start of the new quota year 2000. The exporters have been allowed to ship 70 percent of their last year's performance while 30 percent will be allowed on producing evidence of shipment of 70 percent of their quota entitlements.