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MinTex to extend 15% regulatory duty till September

06
Jul '10
Ministry of Textile (MinTex) is probably going to give an extension to the 15 percent Regulatory Duty (RD) imposed on yarn exports, till an additional two months, as against their earlier announced date of July 26, 2010.

MinTex intends to extend the date of September 27, 2010 and for this subject, the due paperwork is in process in the ministry.

Earlier, the 15 percent regulatory duty was to be lifted by July 12, 2010; however, it was then extended to July 26, 2010. the ban was imposed on yarn exports to help the value-added textile segment during an ongoing rise in prices of cotton and yarn, internationally.

But the new decision has not gone down too well with the spinning industry owners, as for them any new extension of the RD would mean nailing them down permanently.

According to them, such fake interference by MinTex, followed by the President's and the Prime Minister's bias nature towards them, who are avoiding the key issue, owing to political factors, could possibly deteriorate the future of the exportable yarn surplus in the nation.

More over, the current unrest within the textile industry, is spoiling the nation's image as a trustworthy textile products suppliers on one hand, while disappointing fresh investment in the textile sector on the other hand.

Fibre2Fashion News Desk - India


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