IT exemption to help Coir Board: Chairman

Kochi, Mar 1 (UNI) Coir Board Chairman A C Jose today said Union Finance Minister P Chidambaram's proposal to exempt the Coir Board from the purview of income tax would help it to access funds for developmental activities.

Welcoming the exemption, announced by the Finance Minister in the 2008-09 Budget proposals, Mr Jose said the Coir Board had recently submitted representation to Mr Chidambaram in this regard.

Several boards like the Spices Board and the Rubber Board were already enjoying this exemption, he added.

Mr Jose said the Finance Minister's proposal to reduce the guarantee fee and the annual fee of the Credit Guarantee Fund Trust for Small Industries (CGTSI) operated by SIDBI would also help small scale coir units and weavers, seeking term loans under the Coir Board's Rejuvenation, Modernisation and Technology Up-gradation Fund Scheme.

UNI ARC AJ 1614