Agents need to renegotiate terms with IATA, bring down bank guarantee by 50%: Sunil Satywakta

Sunil B Satyawakta, Director, Civica Travels Pvt. Ltd, and Former Chapter Chairman (UP & Uttarakhand), TAAI, feels strongly that all IATA agents should re-negotiate the terms with IATA. He explains, “I am expecting that our ticket sales will be down at least 50 per cent in the next financial year. Keeping this in mind, we must ask IATA to bring down our bank guarantee and our targets by a minimum of 50 per cent. Normally the amount of financial security is based on an agency’s 20-day average turnover in the last 12 months. The submission deadline for Bank Guarantees is 24 June 2020 for the period 1st July 2020 to 30th June 2021. As the circumstances are unlikely to change in the coming 12 months, we must voice this concern to them before that.”