13 April 2022, Mumbai:
Import of cotton has been fully exempted from customs duties till September 30, 2022, a move which will benefit the textile industry and lower prices for consumers, the Ministry of Finance on Wednesday said in a notification.
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The government on Wednesday decided to fully exempt the import of cotton from customs duties in a move aimed at benefiting the textile chain.
It will provide relief to consumers as a scarcity of cotton had pushed up prices.
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Prices of the commonly used cotton variety have more than doubled to breach the Rs 90,000-mark per candy of 356 kg since February 2021 when an import duty was raised. Local cotton prices have also exceeded global rates by as much as Rs 1,500-2,000 per quintal.
"This notification shall come into effect on the 14th April 2022, and will remain in force up to and inclusive of the 30th September 2022," the government said in the notification.
This exemption would benefit the textile chain- yarn, fabric, garments, and made-ups and provide relief to consumers, the ministry noted.
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CREDITS: Business Today ET Dt 14-04-2022 Business Line Financial Express (The news article has not been edited by DFU Publications staff).
