TEA urges Chidambaram to withdraw the circular

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.

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