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Payment Crisis: Surat Based FOSTTA To List Defaulters Publicly

The Federation of Surat Textile Traders Associations (FOSTTA) has announced plans to publicly name textile distributors defaulting on payments beyond the 180-day credit period. The decision was taken at a recent forum meeting with the aim to tackle mounting receivables and cash flow challenges in the Suart textile hub. Traders say delayed payments and returned unsold goods are straining small businesses, often leaving them with out of fashion or damaged stock. FOSTTA will verify claims before listing defaulters on its mobile app to ensure transparency. The federation is also considering stricter credit norms, including limiting credit to 70 days and restricting returns to 30 days.

The decision was taken at a recent forum meeting with the aim to tackle mounting receivables and cash flow challenges in the Suart textile hub. Traders say delayed payments and returned unsold goods are straining small businesses, often leaving them with out of fashion or damaged stock.

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