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Traders warned to submit bio-data by Aug 1 - FOSTTA

21
Jul '10
The Federation of Surat Textile Traders Association (FOSTTA) has given a final call to all textile traders who operate from hired shops in 140 textile markets, to fulfil the requirement of furnishing the association with duly filled bio-data forms by August 1, or they should be ready to countenance any legal action. This is being done with the intent to exercise a check on the mounting number of cases of defaults.

Members of the Association said that, of a total 55,000 textile shops situated in 140 textile markets spread across Ring Road and Salabatpura area, around 15,000 shops are rented. It is only in the past one month's duration that around 3,500 traders functioning from these hired shops have filled in the bio-data forms, but the rest of them still need to do that.

This bio-data mechanism has been introduced in the textile market by FOSTTA office-bearers with a view to prevent the fly-by-night operators from entering the market, thus, cutting down the cases of defaulters. It is only in the past six months or such duration that the textile markets have noted default cases of worth around Rs 4 billion.

Fibre2Fashion News Desk - India


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