ISLAMABAD-Islamabad Chamber of Commerce and Industry (ICCI) President Sardar Yasir Ilyas Khan hailed the cooperation and support of the members of National Assembly for passing the Rent Restrictions (Amendment) Bill 2020 to address the very longstanding burning issue of the traders of federal capital.

He also thanked PTI government for paying attention to this serious issue of local traders and getting the rent control act passed from the National Assembly. He said this while talking to All Pakistan Anjuman-e-Tajiran President Ajmal Baloch and Traders Action Committee Secretary Khalid Chaudhry and congratulated him on passage of rent control act. ICCI Vice President Abdul Rehman Khan, M. Ejaz Abbasi and Baser Daud former Presidents, Khalid Chaudhry, Akhtar Abbasi and Zulqarnain Abbasi were also present at the occasion.

Sardar Yasir Ilyas Khan also lauded the cooperation of Federal Minister for Planning & Development Asad Umar, Raja MNA Khurram Shehzad Nawaz, SAPM on CDA Affairs Ali Nawaz Awan and Advisor to PM on Parliamentary Affairs Dr. Babar Awan for the passage of rent control act from the National Assembly. He said this positive development showed that the current government was focused on addressing the key issues of the business community and facilitating them in promoting business activities.

Sardar Yasir Ilyas Khan said that, the Rent Restrictions (Amendment) Bill 2020 passed by the NA envisaged formation of a Mediation Council consisting of Islamabad Chamber of Commerce and Industry President or his nominee as Convener, and a representative of tenant and landlord each as members to play role for out of court settlement of rent disputes and hoped that the Mediation Council would be very helpful in settling rent disputes amicably. However, he said that the government was charging 5 per cent fee of the total annual rent amount for registration of lease agreements due to which many tenants and landlords were not inclined towards registration. Therefore, he stressed that the government should reduce registration fees to 1 or 2 per cent that would encourage registration of lease agreements and help the Mediation Council to play a more effective role in settlement of out of court rent disputes. He said that this landmark legislation would help in addressing the concerns of traders and enable them to promote trade activities with peace of mind.

All Pakistan Anjuman-e-Tijaran President Ajmal Baloch and Traders Action Commission Secretary Khalid Chaudhry said that Asad Umar, Ali Nawaz Awan and Raja Khurram Shehzad Nawaz played important role in the preparation and presentation of amended bill of rent control act in the national assembly for which they deserved great appreciation.