| Date: |
14-08-2010 |
| Subject: |
Govt allows duty free raw silk import |
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NEW DELHI: On the request of Ministry of Textiles, the Department of Revenues has issued a notification to allow duty free import of 2500 MT of raw silk 3A and above through National Handloom Development Corporation against certification by Ministry of Textiles.
Current production of raw silk in India is about 19000 MT against a total demand of approximate 29000 MT. The deficit is met by importing raw silk, mainly from China, at basic custom duty of 30%.
At the same time, the supply chain of raw silk, particularly imports, on which large number of weavers from non-silk growing states, is controlled by few large traders who manipulate the prices in the market irrespective of global price. An appropriate pricing and monitoring mechanism will also be put in place to protect the interests of all stakeholders, including the cocoon rearers and silk yarn producers in India.
Source : indiacompanynews.com
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