Arun Jariwala, Chairman of Federation of Indian Art Silk Weaving Industry (FIASWI), Surat, told Fibre2fashion, small and medium sized garment and fabric exporters are the worst hit category.
He assured, “Federation has made the in small exporters aware of the necessity to cover their foreign exchange for every deal. To compensate the losses, we have also proposed to the Government that the traders are allowed to deposit their money in Dollar, that is Exchange Earners' Foreign Currency Account (EEFC). Dealers can then exchange it when the Rupee-Dollar rate is favorable.”
Another proposition is related to the Duty Entitlement Pass Book (DEPB). Jariwala explained, “We have suggested that the Government raise the duty drawback rates by 5-8 percent, so that our losses can be compensated. The Commerce Ministry has already sanctioned and positive decision from Finance Ministry is expected soon.”
Fibre2fashion, News Desk - India
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