Pakistan : Auction of Growth Quota of Textiles on March 11

The auction of growth quota of various textile products for the export to the US, Canada, European Union and Turkey will be held at the Finance and Trade Centre in Karachi and its regional offices in Lahore, Faisalabad, Sialkot and Multan on March 11, a press release of Export Promotion Bureau (EPB) said on Saturday.

The exporters should have valid membership of respective textile associations authorized to deal with the product/category and garment-manufacturing units located in Export Processing Zone shall also be eligible to participate in the auction of quotas. However, such units will pay the premium through foreign exchange encasement certificates, it said.

Interested exporters should submit their bids for the auction in sealed covers indicating the auction price for each textile quota product/category. These will be deposited in the sealed bid boxes placed at the textile and quota management Directorate of the EPB in Karachi, Lahore, Faisalabad, Sialkot and Multan.

The bidders will be allocated the quantity asked for, but up to maximum of 15 percent of the quantities offered in that category in the auction. In case the 15 percent quantity is less than a commercial lot, then the quantity up to a commercial lot will be allocated, it said.

The exporters who have purchased quota in an auction will not be entitled to any compensation in case it is decided to open a category for allocations on first-come-first-served basis subsequently, the press release said.

The bids should be accompanied by a pay order or demand draft equal to 30 percent of the amount bid as earnest money made out in the name of Account Officer (Textiles), EPB, Karachi. Bids not accompanied by earnest money will not be considered. Any bid below the minimum floor price will also be not considered.

The bid should be submitted on prescribed printed forms available from all EPB offices in Pakistan against payment of Rs 10 per form with cover. The exporters are required to fill in the various columns of the bid forms clearly and attach copies of the NTN certificate, the NIC (in place of Export Registration Certificate), a valid membership certificate of concerned Textile Association and pay order or demand draft of earnest money and ensuring that separate bids are made for each category.

The bid will not be considered or entertained if column No (6), (7) and (8) of the pro forma for bids is found not properly filled in – copies of required documents are not attached with the pro forma for a bid – any overwriting, erasure or cancellation is found in relation to the entries made in the pro forma for bids and pay order or demand draft or earnest money is for an amount less than 30 percent of the total bid amount.