Business Daily from THE HINDU group of publications
Saturday, Dec 01, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Dec 01, 2007 ePaper | Mobile/PDA Version |
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Industry & Economy
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Textiles CITI wants refund of State level duties on man-made fibre Our Bureau New Delhi, Nov. 30 The Confederation of Indian Textile Industry (CITI) said on Friday that the reduction of customs duty on man-made fibre and the additional subvention for packing credit will help the industry, but only in a limited way. The CITI Chairman, Mr P.D. Patodia, welcoming the Finance Minister’s step to slash custom duty levels on man-made fibre said: “The major step required on part of the Government to help the industry to handle the rupee appreciation problems is to refund State level duties, amounting to about 6 per cent of the value of exports.” Earlier, in its meeting with the Prime Minister, CITI, had requested that the State level duties at 6 per cent may be refunded to exporters through the drawback route or through duty free scrips. A request had also been made to declare a moratorium of one year for repayment of principal amounts against all term loans taken by the textile and clothing industry so that cash flow of the units could be improved in the short term and the possibilities of loans turning into NPAs could be avoided. Over 75 per cent of textile exports consist of cotton products and CITI’s request for reducing import duty on cotton to 5 per cent has not been conceded. In the case of packing credit since a cap of 7 per cent has been stipulated, most units will get less than 2 per cent subvention in practice. More Stories on : Textiles | Excise and Customs
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