PCMA stands with business community against proposed 400% hike in security deposits

By Abdul Qadir Qureshi

(Pakistan News & Features Services)

Ahmed Chinoy, Chairman, Pakistan Cloth Merchants Association (PCMA), has expressed strong support for the business community’s unified opposition to the proposed 400% increase in security deposits by Power Distribution Companies (Discos). 

“We raise our significant concerns regarding this proposal and such a substantial increase would impose excessive financial burdens on consumers, particularly manufacturers and exporters, thereby negatively impacting industrial competitiveness,” he declared in a statement issued on February 10. 

“The proposed hike lacks transparency and logical justification, potentially discouraging industrial expansion and countering government initiatives aimed at promoting economic growth and increasing exports,” he highlighted. 

“We stand in solidarity with the business community in opposing this unjustified increase. Such a move threatens to undermine the competitiveness of our industries and places an undue financial strain on businesses already grappling with rising production costs,” the PCMA Chairman stated. 

Ahmed Chinoy urged the National Electric Power Regulatory Authority (Nepra) to consider the valid concerns raised by various stakeholders and to reject the proposed increase, advocating for Discos to focus on improving revenue collection efficiency rather than imposing additional financial burdens on consumers. A public hearing on this matter is scheduled for February 12 where the stakeholders will have the opportunity to present their objections and recommendations.

Ahmed Chinoy opposes trade body elections in 2025

By Abdul Qadir Qureshi

(Pakistan News & Features Services)

Ahmed Chinoy, Chairman, Pakistan Cloth Merchants Association (PCMA), has resented the proposed holding of trade body elections in 2025, as the last elections were conducted only a few months ago in September 2024.

“The decision to call for fresh elections within such a short span undermines the stability and continuity required for effective governance within trade organisations,” he reckoned. 

“The recent elections, held as per the Trade Organisations Ordinance, were conducted transparently and in accordance with established legal procedures. Calling for another round of elections in 2025 disregards the mandate given by the business community and disrupts the functioning of trade bodies at a critical time when economic and policy continuity is essential,” Ahmed Chinoy, a respected leader of the business community, pointed out. 

“Holding elections so soon after the previous ones is not only unnecessary but also counterproductive. It creates uncertainty among trade organisations and diverts focus from crucial economic and business development initiatives,” he added. 

The PCMA Chairman urged the government to reconsider this decision and allow the elected representatives to complete their term as per the existing framework, advising that any amendments to the Trade Organisations Ordinance should be made in consultation with stakeholders to ensure that trade bodies operate in a stable and effective manner. 

“We call upon all relevant authorities to engage in dialogue with the business community before implementing any decisions that could impact the functioning of trade organizations,” he concluded.