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Karachi, A significant assembly of business leaders and industrialists from numerous trade organizations has urgently demanded a Joint Investigation Team (JIT) to probe into the alleged exploitation of the cheque bounce legislation. This collective stance was taken during a press conference where entities like KATI, FPCCI, KCCI, and several others united to voice their concerns.
According to Korangi Association of Trade and Industry, the press conference spotlighted alarming instances of fraud exploiting the cheque bounce law, notably impacting Karachi’s business sector. KATI’s President, Johar Qandhari, detailed his ordeal with a fraudulent case involving a bounced cheque, highlighting the potential complicity of bank officials and the subsequent legal and personal harassments he endured. The exposure of forged cheque details underscored the systemic issues within the current enforcement of this law.
The appeal for investigation and reform resonated with several key figures, including FPCCI’s Senior Vice President Saqib Fayyaz Maggoo and ABAD’s Chairman Asif Sum Sum, who advocated for legal and procedural clarity to shield the business community from similar predicaments. Javed Bilwani of the Textile Exporters Forum and KATI’s Deputy Patron-in-Chief Zubair Chhaya further emphasized the broader economic implications, suggesting that unchecked misuse could erode investor trust and destabilize the market.
The call for swift and decisive action against the manipulation of the cheque bounce law reflects a crucial consensus among Karachi’s business leaders, aiming to foster a fairer, more transparent legal environment for commerce.
The post Business leaders call for action against misuse of cheque bounce law in Karachi appeared first on Pakistan Business News.