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Spinners call for zero duty on yarn exports

08
Jun '10
Spinners, while rekindling their demand for elimination of 15 percent regulatory duty on export of yarn, have appealed the textile ministry to permit export of those consignments at zero percent duty in respect of which credit letters were already sanctioned or payments have already been received, prior to May 13.

Spinners, by means of a letter, remitted to the Textile Minister, Rana Farooq Saeed, evoked him of the meetings with him on 30-31 May in Karachi, which were conducted to sort out the export duty issue. They, thereby, asserted that, no duty should be levied on cotton and yarn exports pursuant to DTRE and manufacturing bonds.

They also demanded that, all duties in respect of the value-added yarn, which is exported at a rate equal to or higher than $3.5 per kg, should be done away with as also the quantitative restriction should be removed. This atleast should be allowed, $3.5 per kg is quite a high price as compared to the normal rates at which towels and fabrics are being exported, that too with no restriction or duty imposition.

According to the producers, the regulatory duty imposed on yarn exports, was punitive and thus, denied to accept any such restrictions in respect of exports. The spinners have insisted that, the government order, which levied an export duty on yarn for 60 days, be called off by July 12.

They further informed that, over the past 21 days, post implementation of the duty, they have mounted stocks worth $125 million and were afraid that, while the minister was not ready to mull over their demand of quashing the duty on exports of yarn, the exporters seemed to have made up their minds to accept the regulatory duty imposition.

Fibre2Fashion News Desk - India


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