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TEA seeks immediate release of Rs. 4.5bn duty drawback
25
Mar '14
The Tirupur Exporters’ Association (TEA), representing cotton knitwear exporters with production facilities in Tirupur, has urged the Central Government to immediately release about Rs. 4.5 billion pending duty drawback rates to the exporting units, which have been pending for the past four months.
 
In a letter to Finance Minister P Chidambaram, TEA president A Sakthivel said the exporting units have not received duty drawback rates for the past four months, which has affected the working capital and production plan significantly.
 
The total pending duty drawback amount for the Tirupur exporting units alone works out to about Rs. 4.5 billion, the letter said.
 
Mr. Sakthivel said that due to financial strain, the exporting units are now apprehensive to take up future orders confidentially and this would deviate the growth trend being experienced by Tirupur exporting units in this financial year.
 
The release of duty drawback rates is very much needed and exporting units are eagerly awaiting for the same, he added.
 
“Considering the requirements of industry and export growth, we request the Finance Minister to advice to release the duty drawback rates immediately and help in maintaining the growth trend of Tirupur exporting units,” Mr. Sakthivel said in the letter.
 

Fibre2fashion News Desk - India


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