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States urge Centre to hike import duty on raw silk
03
Aug '15
The state governments of Karnataka and Andhra Pradesh have requested the Central Ministry of Finance to increase import duty on raw silk from the current 10 per cent to 30 per cent or at least to 15 per cent.
 
In a written reply to Lok Sabha, commerce and industry minister Nirmala Sitharaman said her ministry has received representations from Karnataka and Andhra Pradesh state governments to hike import duty on raw silk, according to an official statement.
 
In her reply, the minister said that the proposal for reduction in basic customs duty on raw silk from 15 per cent to 10 per cent was received in Ministry of Finance from Ministry of Textiles. The same was examined and duty on raw silk (not thrown) was reduced from 15 per cent to 10 per cent, vide Notification No. 28/2015-Customs, dated 30th April, 2015.
 
Ministry of Textiles is the nodal Ministry for matters relating to silk and the Central Silk Board monitors price of cocoon and yarn, arrival of cocoon and silk yarn in important markets, quantity of yarn/ raw silk being imported and change in price/ quantity, etc. 
 
Besides, the sericulturists are assisted under the ongoing schemes of the Central and state governments as per field requirements. The prices of silk are dependent on various factors such demand and supply and other market conditions, the statement said. (RKS)
 

Fibre2Fashion News Desk – India

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