Don’t provide service to unregistered textile firms
The central bank yesterday instructed banks never to provide any banking services to unregistered textile companies to safeguard the country's image.
Some textiles companies are actually operating business without securing licences from the Department of Textiles, breaching rules.
It has tarnished the country's image to the exterior world, according to a central bank notice.
The government has managed to get mandatory for textile companies, including buying houses, to avail licences from the Department of Textiles to perform operations beneath the Textiles Act 2018.
Against the background, banks have already been ordered never to provide any banking services to the firms that run ignoring the act.
The rule can help meet up with the local demand for garments, so that it is 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 help maintain quality, formulate textile curriculum predicated on market trends and create an experienced workforce.
