Textile industries urge Centre to increase DEPB rates

Coimbatore, Oct 23 (UNI) The textile industry associations have urged the Centre to increase the Duty Entitlement Pass Book (DEPB) rates in the wake of rupee appreciation against US Dollar.

A release here today said a recently held meeting of the South India Mills Association (SIMA), the Coimbatore District Small Industries Association (CODISSIA), the South India Hosiery Manufacturers Association (SIHMA), South India Small Spinners Association (SISSPA), Tirupur Exporters Association (TEA) and the South India Engineering Manufacturers Association (SIEMA) had demanded that the export credit should be made available at LIBOR interest rates.

The taxes and duties relating to the exports should be brought to zero. The customs duty, service rax, fringe benefit tax and income tax should also be made zero for exports and there should be a one year moratorium on the payment of interest and repayment of principal for all loans from banks.

There should be at least a 50 per cent subsidy on port charges and export freight, they added.

The meeting also demanded that the state government refund the VAT on exports within ten days of submitting the claim and electricity charges reduced at least 25 per cent for a period of one year.

UNI