FPCCI issues final list of amendments: Trade Organisations Ord
By Our Reporter
ISLAMABAD, May 23: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has issued a final list of amendments to be incorporated in the Trade Organisations Ordinance (TOO) 2006 and trade rules 2007.
The list was issued here on Wednesday following FPCCI President Tanvir Ahmad Sheikh’s meeting with member bodies of FPCCI from Punjab, NWFP, Northern Areas, AJK, FATA, PATA and Islamabad.
These amendments were approved in a meeting of FPCCI with the prime minister and the commerce minister, respectively.
According to the approved amendments, tenure of the managing committee of chambers, association was extended from one year to two years.
The president will be elected by the managing committee instead of the general body.
The license fee for chambers was reduced to Rs30,000 from Rs300,000, women chambers to Rs20,000 from Rs200,000 and associations to Rs15,000 from Rs150,000; renewal of licences after every three years; every chamber and association to get seat in the managing committee of FPCCI; penalty reduced to Rs100,000 from Rs500,000.
The minimum number of members of women chambers was decreased from 200 to 100 and associations from 150 to 100. However, at the time of renewal after three years, women chambers will be required to have 200 numbers and associations to have 150 members and FATA, PATA and Islamabad have been given the right to put up a candidate for presidentship of FPCCI which was denied to them in the past.
The tenure of the managing committee of FPCCI for the current term and as well as next term from Sindh would be for two years and subsequently from Jan 1, 2011, the tenure of the managing committee and office-bearers will be one year.
The ex-president of the FPCCI will be the ex-officio of the managing committee of the FPCCI with voting right; formation of traders chambers will be allowed, one each in the four provinces; US business council and American business council would be exempted from minimum number of 150 members. Similarly, exemption would be considered to other chambers, like Attock chamber who can justify the reason for exemption.
