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NEW DELHI: Yielding to the demand from textile industry, the Government has abolished customs duty on import of cotton, which recently saw sharp rise in prices.

The cotton imports attracted 10 per cent basic customs duty and 4 per cent special additional duty. "The customs duty on all types of cotton imports has been abolished along with special additional duty. Besides, drawback benefits (refund of local taxes ) on exports of raw cotton have also been withdrawn," a senior Finance Ministry official, said on Wednesday.

A notification has also been issued in this regard by the Central Board of Excise and Customs. About 3,000 yarn mills had announced to go on a strike on Wednesday pressing for their demand to abolish customs duty on cotton imports and regulation of expo rts.

While welcoming the decision of the government, Deputy Chairman of Southern India Mills Association, Mr J Thulasidharan said, "Since the strike call had already been given, workers have not turned up." - PTI

Prev: Trade unions give strike call
Next: Kerala: Ration dealers benefits to increase

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