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Tirupur exporters body appeals for one-time exemption from MODT charges

Our Bureau Coimbatore | Updated on May 30, 2020 Published on May 30, 2020

Tirupur Exporters’ Association has appealed to the State Government for one-time exemption from payment of the MODT (Memorandum of Deposit of the Title Deed) charges and bail the MSMEs at this hour of liquidity crisis.

TEA President Raja M Shanmugham has in a letter to the State Chief Minister Eddapadi K Palaniswami pointed out that when the exporting units approached the banks to avail loan as per the stimulus package announced by the Centre, the banks were insisting for submission of MODT after registering at the Sub-Registrar office.

The units would have to pay the Stamp Duty against the loan amount as fixed by the State for registering the MODT.

The MSME units are struggling to make two ends meet due to Covid -19 impact, the TEA president said seeking a one-time exemption from payment of MODT charges.

The association has also appealed for resumption of public transport to enable people report for work

Published on May 30, 2020
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