RAWALPINDI: Mr Mohammad Shoaib, Finance Minister, said today (Jan 8) that time had come to `break cartels` in industry.

Elucidating, he said: `There is concentration one industrialist is manufacturer, wholeseller, retailer, banker and insurance company owner. This must be done away with to facilitate distribution of finances.

Mr Shoaib, addressing a Press conference, said that the Government had reached an understanding with the American Embassy on Counterpart Funds.

He said the American Embassy may transfer funds essentially belonging to them to any bank but whenever a transfer is made to a commercial bank, the Government and the State Bank would be consulted.

Similarly, use of these funds would be through consultation.

The Finance Minister said: `Planning of heavy industries has been entrusted to the Planning Commission, and the HeavyIndustries Board has been abolished because the planning process can be done better in the Planning Commission. He also said that since the industry has been entrusted to the provinces under the new Constitution, the Provincial Government would be consulted on industries outside the industrial schedule. The final authority in case of difference of opinion will be the Executive Committee of the National Economic Council.

Mr Shoaib said he would look into the prices of tea and also export position of textiles.

He said that basically forward movement in economy was being maintained. The economic growth, which accelerated during the years 1961 and 1963, would continue at the same pace or rather faster. ...Mr Shoaib contradicted speculation about a possible rise in the bank rate. Staff Correspondent•