Ahmed Chinoy supports business opposition to 400% security deposit hike

February 10, 2025 (MLN): Ahmed Chinoy H.I, S.I expresses 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 said.

The proposed hike lacks transparency and logical justification, potentially discouraging industrial expansion and countering government initiatives aimed at promoting economic growth and increasing exports, according to the press release issued today.

Chinoy further stated, “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.”

“We urge the National Electric Power Regulatory Authority (NEPRA) to consider the valid concerns raised by various stakeholders and to reject the proposed increase”, Chinoy said.

“We advocate for Discos to focus on improving revenue collection efficiency rather than imposing additional financial burdens on consumers”, Chinoy further noted.

A public hearing on this matter is scheduled for February 12, 2025, where stakeholders will have the opportunity to present their objections and recommendations.

Copyright Mettis Link News