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KARACHI: Saqib Naseem, Chairman Pakistan Yarn Merchants Association (PYMA), Muhammad Junaid Teli, Vice Chairman, Sindh & Balochistan region, have strongly rejected Valuation Ruling No 1655 / 2022 for polyester filament yarn.

They said that Director Valuation, Syed Fawad Ali Shah, did not consult stakeholders, denied the PYMA actual Raw Material price determination which was submitted earlier and issued the subject Valuation Ruling which is totally against normal practice.

“Pakistan Yarn Merchants Association is a major stakeholder of Polyester Filament Yarn and demands immediate withdrawal of VR 1655/ 2022 and Director Valuation should call a meeting of all stakeholders and issue New/ Revised Valuation Ruling of PFY as per past practice of Valuation Department.” the PYMA office-bearers demanded.