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Ginners' payment

ready with TCP

KARACHI: The payment of 20 percent outstanding amount to ginners is ready with Trading Corporation of Pakistan (TCP) and it can be collected any time.

This was stated by TCP Chairman Javed Ashraf Hussain here on Tuesday. "The bank drafts for some 20,000 bales are lying with the Corporation and the recipients had already been intimated to collect those," he said.

Javed Ashraf said that the TCP would clear payment against 20,000 cotton bales every day as the Corporation wants to complete this task within 15 to 20 days from now.

Replying to the allegation of ginners for slow payment, the TCP chairman said the Corporation has paid more than Rs 3 billion to them which is 80 percent of the total payment.

"Now the remaining 20 percent of the payment which is roughly little less than Rs 1 billion was in the hands of TCP," he added.

"The process of weighing and final classification of cotton quality which delayed the payment process has now been completed," said the TCP chief.

Referring to TCP's procurement of cotton, Javed Ashraf said that higher prices of silver fibre in the market were preventing the Corporation from buying.ÑAPP