take pre-caution steps before accepting PO against sales proceeds
I read that CPLC GIVING instructions and make pre-auction steps before accepting PO or DD against sales proceeds the reasons behind it fraud and cheating practice which traders can do itself without the support and help of their bankers. I appreciate that CPLC have pain for business community that reasons give message in newspaper ( Business Recorder )
My suggestion when a traders got PO or DD against sales proceeds first thing to send bank for depositing and when funds realized than give the material or goods which is the safe side in order to curb the cheating and fraud practice.
Why SBP not take any action against those bankers who are involve in issuing the fake PO or DD in which innocent business community traders suffers and no way out to get their payments.
Make a law if any bank who issued a PO or DD if evidence find that is fake or not true amount (cheating and fraud others) than such bank have to pay the fine of minimum 10 Million ( 1 Core) if such healthy practice adopt than no one think or dare to get any fake or less amount PO or DD to cheat or make fraud with other traders.
It is the duty of leading trade bodies such FPCCI ( Federation of Pakistan Chamber of Commerce & Industry ) KCCI ( Karachi Chamber of Commerce & Industry ) and SITE ( Sind Industrial Trading Estate ) to play its roles and protect its members when they got a fake or lesser amount sales proceed in the shape of PO or DD but in utmost good faith make the delivery before the proceed comes to their accounts and later realized the traders cheat them but what is the solution and how to curb this practice.
( Ashfaq Sharif )