Business Daily from THE HINDU group of publications
Sunday, Oct 28, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Sunday, Oct 28, 2007 ePaper | Mobile/PDA Version |
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Industry & Economy
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Textiles Money & Banking - Forex Powerloom cloth exporters seek dual exchange rate Our Bureau Coimbatore, Oct. 27 Powerloom cloth exporters who met under the banner of the Powerloom Devlopment and Export Promotion Council (PDEXCIL) in Erode have sought a dual exchange rate system – one for exporters and the other for importers and foreign investors – to relieve textile exporters from price pressures caused by the depreciating dollar value. The exporters’ meeting, which was attended by different trade bodies representing diverse powerloom cloth producing clusters in the State, also urged the Centre to step up the duty drawback rate for powerloom products to a minimum of 10 per cent, restore Section 80 HHC of the Income-Tax Act to exempt export earnings and bring down the interest rate on packing credit to 5 per cent. It also sought the removal of the State levies such as sales tax and entry tax on export products. More Stories on : Textiles | Forex | Exports & Imports
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