FINER demands review of NEIP 1997

Aizawl, Jan 21: Federation of Industry and Commerce of North Eastern Region (FINER) demanded review of the North East Industrial Policy 1997 and sought the intervension of Development of Northeastern Region (DoNER) ministry.

FINER officials said since the policy is going to be expired on March 31 next, it needs the extension and modification at the earliest, which would help the investors to invest in the region.

In a memorandum to DoNER minister Mani Shankar Aiyar, FINER stated that NE should be designated as a tax-free zone while exemption of Central excise or refund (optional for entrepreneurs), Income tax exemption, exemption of service tax, minimum alternate tax (MAT), fringe benefit tax (FBT) and dividend tax are needed for industrial development of the region.

It has also pointed out that marketing of the finished products, which would come out from raw materials of the region should be eligible for transport subsidy on hundred per cent of railway freight.

UNI