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Our Bureau

Coimbatore, Nov. 30

The Tirupur Exporters Association (TEA) has sought the Union Finance Minister, Mr P. Chidambaram’s, help to protect the textile exporting units by compensating the hedging cost or considering a dual exchange rate by fixing the value of the rupee at Rs 42 against the dollar for a period of one year.

TEA has also sought exemption for exporters from payment of service tax on all services and fringe benefit tax.

While hailing the recent relief package announcement, the TEA President, Mr A. Sakthivel, said the above-mentioned measures would go a long way in bailing out the textile exporters from the crucial crisis.

TEA has welcomed the additional subvention of two per cent in pre-shipment and post shipment credit over and above the two per cent extended earlier.

The reduction of customs duty on polyester staple fibre and polyester filament yarn from 7.5 per cent to 5 per cent and other man-made fibres halved to 5 per cent from 10 would benefit the textile sector, Mr Sakthivel said.

More Stories on : Textiles | Tamil Nadu

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