KARACHI - The business tycoons and trade bodies of the country have demanded to immediately remove Dr Shamshad Akhtar as State Bank of Pakistan Governor and 4 percent reduction in the interest rate of banks. This demand was adopted in a meeting of industrialists and trade bodies of the country hoisted by FPCCI at its Secretariat Federation House on Thursday.    Tanvir Shaikh, President FPCCI, presided the meeting while President of KCCI Anjum Nisar, pattern of business group of Karachi Siraj Qasim Teli, Zubair Motiwala, Korangi Association of Trade and Industries, Site Trade Association of Industries, Federal B Area Association of Trade and Industries, Vice President of FPCCI and leader of Punjab business community Azhar Saeed Butt, representatives of Market Associations of Karachi and Transporters' Organizations attended the meeting. The representatives of the industrialists and traders delivered furious speeches against government policies. After reaching consensus point the vice president of the FPCCI Tariq Saeed, Siraj Qasim Teli, Jabbar Engineer and others briefing the media about the decisions of the meeting and informed negotiations are being started between federal government and industrialists representatives on Friday in Islamabad. Besides, 10 members committee consisted on the presidents of FPCCI, KCCI, Quetta, Lahore and Pehawar Chambers' and others will represent the trade bodies in negotiation process, they said, adding that today's meeting was consultative process aimed at to chalk out strategy for negotiation with government. They made clear that during negotiations, the increase in the tariff of domestic, commercial and industrial units which consume up to 50 kilo watt will not be accepted. The 31 percent increase in the tariff of gas was also unbearable and this notification must be withdrawn immediately, industrialists said and added the KESC and gas companies must be clarify the justification of recent tariff hike. The business community strongly criticized on the financial policies of SBP Governor Dr. Shamshad Akhtar and demanded the immediate removal of her as Chief of the central bank.   Furthermore, the business tycoons who lead the various industrialists' bodies also demanded 4 percent cut the interest rate of banks immediately. The restructuring of NEPRA and OGRA must be made immediately while Chairman of these bodies should be nominated from private sector; they stressed and proposed that a retired judge and a representative of business community must be included in these bodies. Participants were of the view that the agreement with Abraj Capital should be shown to industrialist and businessmen to strengthen the confidence. The reason of recent hike in the power and gas tariff was mean to justify the conditions of IMF and other international donors, the leaders of business community claimed. Tanvir Ahmed Sheikh President FPCCI has stated that rationalization of electricity tariff should be decided after consultation with the stake holders and subsidies should not be withdrawn immediately. He indicated that overnight changes in the international market are not possible. So, tariff should be changed gradually if required. He suggested that industry should be exempted from line wise adjustment. He indicated that one-third production has been dropped in the industry because of present electricity crises. Meanwhile, after consultation, the strike called by the Zonal Chairman, FPCCI for 25th October 2008 deferred till finalization of decision as negotiations with the government are in process. It was decided that in case of failure of the negotiation another meeting will be held on November 1st 2008 to take necessary action and adopt the future strategy.