Don’t provide service to unregistered textile firms
The central bank yesterday instructed banks not to provide any banking services to unregistered textile companies to protect the country's image.
Some textiles companies are now operating business without securing licences from the Department of Textiles, breaching rules.
This has tarnished the country's image to the outside world, according to a central bank notice.
The government has made it mandatory for textile companies, including buying houses, to avail licences from the Department of Textiles to run operations under the Textiles Act 2018.
Against the backdrop, banks have been ordered not to provide any banking services to the companies that run ignoring the act.
The rule will help meet the local demand for garments, making it a time-befitting move for the apparel sector by fuelling exports, creating jobs, ensuring sustainable development, attracting new investment and modernising the industry, the notice said.
It will also help maintain quality, formulate textile curriculum based on current market trends and create a skilled workforce.
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