The Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) representing the Manmade Fibre (MMF) textile fraternity has requested Government for a separate relief package for MMF segment.
Ronak Rughani, Chairman, SRTEPC claimed that the MMF textile segment is one of the worst-hit in this Coronavirus pandemic.
The council also urged for special export incentive of 3 per cent on fibre & yarn, 4 per cent on fabric, 5 per cent on made-ups for at least 6 months or till the impact of Coronavirus subsides and global markets stabilise.
Apart from its long-pending demand, the council also urged to allow the textile industry to resume functioning of the units for at least 50 per cent of the essential working staff.
“We also urged to include documentation/ paperwork, Certificate of Origin, Testing Reports, etc. also in the ‘Essential Services’ category and issue e-passes to the employees, CHA, officials of EPCs, Testing Agencies/organisations, etc. who are associated with paper-work and documentation such as testing reports, Certificate of Origin, etc. that are essential for export shipments,” he added.
Looking at the current scenario, it is a must that the period of export payment realisation should be increased from 270 days to 365 days and in case of delay in payments beyond the due date, no penal rate of interests should be charged by the banks.
It is pertinent to mention here that the MMF segment has already been going through inverted duty structure, due to which huge amount of ITC has been accumulated which is neither refunded nor utilisable.