Clear all MRV 01/20 & MRV 02/20 print dues or face action: INS to ad agencies
The Indian Newspaper Society (INS) has once again written to advertising agencies, urging them to clear all print dues immediately. The newspaper body has earlier written to ad agencies in March 2020, stating, “There appears to be pressure on agencies to divert Print’s local retail ads to Radio and all the print budget of the corporate account is reportedly being diverted to TV.”
Despite that circular, not much seems to have changed. The INS letter, dated May 5, 2020 mentions that, “It has been brought to our notice that agencies have cleared approximately Rs 775 crore of dues to IBF members out of a total of Rs 925 crores and promised to clear the balance by May 5, 2020. INS dues as on 31st March 2020 have yet to be paid for MRV-01/2020.”
INS cautioned the ad agencies to clear all print dues pertaining to Monthly Review Verification (MRV 01/20 & MRV 02/20) immediately, failing which action would be taken as per rules. It asked all agencies to upload MRV/02-2020 details as per practice, that is, from the May 11 to 15, 2020.
The letter goes on to state, “Agencies are required to submit the details of payments, i.e., No Due Certificates/ Bank Statement establishing the clearance of cheques issued to the concerned member publications against outstanding dues reported in the MRV. Further, all agencies whose Bank Guarantees have expired or about to expire and are up for renewal may furnish the same on or before 31st May 2020, failing which notice shall be sent to your Bankers for encashment of the same without further notice/ correspondence to individual agencies.”