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Nepal textile firms qualify for cash incentives

24
Jan '12
Two Nepali textile companies – Triveni Synthetic Yarn Industries and Triveni Spinning Mills – would get cash incentives as the Department of Industry has completed the verification process with respect to value addition.

In the budget for 2010-11 fiscal, Nepal Government had declared to give cash incentives of around two to four percent of the overall value of exports to third country exporters based on the extent of value addition, so as to strengthen exports in convertible currency.

Under the new export subsidy scheme, exporters of goods that generate value addition of up to 80 percent would become eligible to receive cash incentive of three percent, while the goods gaining value addition beyond that would become eligible for cash subsidy of four percent.

Post-verification of value addition details, the Department of Industry has directed the respective banks to disburse the cash incentives to the two textile firms.

Meanwhile, the Department has also sought necessary documents for value addition verification from other textile industries.

With respect to those industries that lack proper norms, a report needs to be submitted to the technical committee of the Department, which after analysing the report would devise some norms for these industries to qualify and apply for value addition verification process.

The Department informed that after accumulating necessary information from all its members, Pashmina and carpet industries would also apply for value addition verification. A producer needs to satisfy all the norms laid by the Department, in order to qualify for cash incentives.

Industrialists can even apply for cash incentives in their individual capacity after assessing their value addition on their own. However, the Department would order concerned banks to release cash incentive, only after it completes the process of assessing and verifying the claims.

Fibre2fashion News Desk - India


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