Senate panel concerned over closure of industrial units.

ISLAMABAD -- The Senate Standing Committee on Commerce on Wednesday showed concern over the non-clearance of letters of credit (LCs) causing the closure of industrial units besides the shortage of edible items in the domestic market.

The committee meeting chaired by its Chairman Senator Zeeshan Khanzada disAcAussed all issues confronting the business community especially textile industrialists and ensuring the import of edible food items from various countries for avaiAlability in the market at affordable rates.

The committee was informed that the State Bank of Pakistan (SBP) had directed authorised dealers to seek prior permission from Foreign Exchange Operations Department (FEOD) of the central bank for initiating the import transaction of specific goods through the issuance of a letter/amendment of credit, registration/amendment of the contract, making...