Coir Industry benefit by Rs 18.15 crore

Kochi, July 20 (UNI) Coir Board Chairman A C Jose today said the coir industry would get an additional benefit of Rs 18.15 crore with the Centre's decision to increase the eligibility of coir and coir products under the Duty Entitlement Passbook Scheme from one per cent to three per cent on FOB value with effect from April one, 2007.

In a statement here, Mr Jose said presently the industry was getting Rs 6.05 crore and scheme would be in force till March next year.

The government had decided to implement measures to curb the adverse effect of rupee appreciation. The currency had appreciated by ten per cent since January 2007.

The measures include two per cent point subvention of pre-shipment credit up to 180 days and post-shipment credit up to 90 days during April-December, 2007 and the inclusion of coir mats under the Duty Drawback Scheme.

Mr Jose said these measures had infused a new lease of life to the coir industry, which was badly hit by rupee appreciation.

UNI