The Centre has notified certain changes in the all industry rates of duty drawback effective from 11th Feb 2016. These changes announced by the Centre in DBK scheme will help boost exports.
New entries in the drawback schedule have been created for cotton yarns mixed with Man Made Fibre (MMF) - both grey and dyed. It has also increased the drawback caps in the case of certain MMF fabrics. This change was welcomed by the Cotton Textiles Export Promotion Council (Texprocil).
Texprocil Chairman R K Dalmia said that they were glad the government accepted their proposal for a separate entry for Cotton Yarn mixed with MMF.
However, he pointed out that in the product coverage some clarifications are needed with regard to the classification of some high-valued items like "Boiler Suits" and "Protective wear made of blend containing cotton and man-made fibres.
Duty drawback is refund of duties on imported inputs for export items. Drawback caps are imposed on several export products with an aim to obviate the possibility of misuse by over invoicing of the export value.
On the 3 percent interest equalisation scheme, Dalmia lauded the Centre for initiating necessary steps to implement the scheme smoothly by saying the problems faced initially by some of the exporters in getting the benefit from their banks have been largely resolved.
With regard to exports of cotton textiles, Dalmia said that even though Indian cotton textiles products were competitive in the world markets, preferential access being given to some of the competing nations like, Bangladesh, Cambodia, by major importing countries like the EU, are affecting exports.
The Union government has been further urged to start dialogue with Turkey and China for reduction in the import duties on textiles in the country by the two countries.
Besides, discriminatory import duties on Indian textiles in markets like China, Turkey and Canada have also hit the exports.
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