>>
Home / Knowledge / News / Textiles / Ginner's payment held up due to seizure of accounts

Ginner's payment held up due to seizure of accounts

02
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

Pic: Kanpisut Chaichalor | Dreamstime.com

Textiles | On 7th Dec 2021

China’s central bank cuts reserve requirement ratio to support economy

To support development of the economy, the People’s Bank of China...

Pic:  Iurii Krasilnikov | Dreamstime.com

Apparel/Garments | On 7th Dec 2021

Legislation to extend HOPE & HELP Acts until 2035 introduced in US

Companion bills to extend the Haitian Hemisphere Opportunity through...

Pic: Roman Romaniuk | Dreamstime.com

Textiles | On 7th Dec 2021

Euro area, EU see expansion in volume of retail trade in October

In October 2021, the seasonally adjusted volume of retail trade...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry with brand ethos

Textile Industry, Head honchos

Textile Industry
Head honchos

Instagram & fashion will go a long way together

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchains will be in heavy use by early adopters by 2025

Aashumi Mahajan,

Aashumi Mahajan

The Luxe Maison is a premiere haute couture e-boutique established after...

Susan Bhaktul,

Susan Bhaktul

Established in 2000 as a liaison with the Government of India, Industree...

Benedetta Terraneo,

Benedetta Terraneo

Miko Srl, a subsidiary of US-based Sage Automotive Interiors and a member...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha &amp; Jigar blends India's unique handcrafts...

Asmita Marwa, Asmita Marwa Design

Asmita Marwa
Asmita Marwa Design

Indian fashion designer Asmita Marwa has been rated by Vogue as one of the ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2021

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


Advanced Search