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TEA urges Chidambaram to withdraw the circular

Written by: Staff
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Tirupur, July 8 (UNI) The Tirupur Exporters Association (TEA) urged the Union Finance Minister P Chidambaram to withdraw the circular sent by his ministry to all banks asking them not to sanction any fresh loan under Technology Upgradation Fund (TUF)from July six.

In a statement here, TEA President A Sakthivel said the circular was issued at a time when the industry was fully gearing up to expand with state-of-the-art technologies.

The industry was seeking to extend the TUF scheme up to 2010.

He said the stoppage of loans under the TUF scheme would tamper the growth of industries.

UNI KS AJ PK SP1016

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