TEXPROCIL satisfied with new Drawback Rates
Shri R K Dalmia, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL), welcomed the government announcement of All Industry Rates of Duty Drawback for 2014-15. According to Shri Dalmia, “the new Drawback rates are positive and growth oriented,” the new Drawback schedule having incorporated additional categories of products such as flame retardant fabrics, Cotton Yarns below Counts 50 and above Counts 50 as requested by TEXPROCIL. Furthermore, Shri Dalmia complimented the department for recognising the growing importance of Lycra based fabrics which constitute about 25 per cent of the world trade in textiles. Rates for Lycra should have increased by at least one per cent, and TEXPROCIL will be submitting a revised calculation in this regard for further increase in these Drawback rates.