Home / Knowledge / News / Textiles / Ginner's payment held up due to seizure of accounts
Ginner's payment held up due to seizure of accounts
Jun '09
A lot of money in payments and repayments of cotton and other commodities, purchased in the last few months are expected to be held up since the seizure of the accounts of the Trading Corporation of Pakistan (TCP).

The cotton traders and ginners had deposited security amounts with the state held trading company which will now be struck up. Other than that payments for cotton purchased by the entity as well as payments payable for premium cotton will also be held up.

To get to the root of the matter Fibre2fashion spoke to Mr Rana Abdul Sattar, Chairman of Pakistan Cotton Ginners Association (PCGA) who said, “The total numbers of bales (1 bale=170 kg) purchased by TCP were 1,92,000”.

“90 percent of payments have already been paid to cotton ginners and only 10 percent of the payments are pending, which TCP is likely to pay in a very short period of time.”, he added by saying.

“A meeting was held last week, where it was decided that TCP will pay the remaining dues to the ginners, but meanwhile the IT department seized the records, but a emergency meeting was held and the accounts were released the same day”, he concluded by saying.

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: H&M

Apparel/Garments | On 30th Mar 2017

H&M group's sales increase 7% in 3 months to Feb '17

The H&M group's sales including VAT amounted to SEK 54,369 million...

Textiles | On 30th Mar 2017

Vietnam’s textile & garment exports earn $4bn in Jan-Feb

Vietnam earned $4 billion from textile and garment exports in the...

Textiles | On 30th Mar 2017

India Inc should work for July 1 GST roll out: Fin sec

The Goods and Services Tax (GST) will take India into a very exciting ...

Interviews View All

Anshul Sood

‘Indian footwear market is nascent and largely a trend follower’

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search