Canon to hike prices up to 15 pc post-Diwali

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Canon
New Delhi, Oct 22: Reeling under the pressure of rupee depreciation and increasing tax liability, country's leading digital image company Canon India Pvt Ltd on Wednesday, Oct 22 said it will hike the prices of its products by 5-15 per cent across all categories after Diwali.

''We have to partially pass on the increased cost to the consumers...it will be in the range of 5-15 per cent across all categories after Diwali,'' company CEO and President Kensaku Konishi told reporters here on the sidelines of a press conference. The 20 per cent depreciation in the rupee since January has put a pressure on the costs of the company, which imports all its product from China, Malaysia, Japan and Vietnam. In Jaunary, the value of rupee against dollar was 39, while at present it is trading at about Rs 49.

''Besides, the change in the tax structure by the government has led to a 100 per cent increase in the tax liability,'' Mr Konishi said.

Earlier, 16.25 per cent tax was levied on Freight on Board (FOB), but now the same amount is charged on Maximum Retail Price, which has ''doubled the tax liability,'' he explained.

Canon India, the 100 per cent subsidiary of Canon Singapore Pte Ltd, markets 145 comprehensive range of digital imaging products, including photocopiers, fax machines, printers, scanners, digital cameras, digital camcoders and multi media projectors.


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