KARACHI (June 12 2003) : The industrial sales have come to a standstill due to SRO 507 issued in the new budget which prohibits industrialists to sell their products manufactured from raw material imported under concessionary SROs to the unregistered and unenrolled persons.
Site Association of Industry called an emergency meeting on Wednesday to discuss the impact of the said SRO and to adopt a united line of action.
The chairman of Site, Haroon Farooki, told Business Recorder after the meeting that if the anomaly in SRO 507 was not immediately removed thousands of factories would close down.
He said that most of the wholesalers, retailers and dealers are not registered.
The stoppage of sales would cause loss of millions of rupees in the form of taxes to the government.
He said that the binding in SRO 507 would also result in massive unemployment which would seriously hurt the government policy to alleviate poverty.