Art silk industry (FIASWI) for further duty reduction on PFY
03 Mar '07
1 min read
SURAT: In post-budget memorandum to Union Textiles Minister Shankersinh Waghela, the Federation of Indian Art Silk Weaving Industry (FIASWI) has asked to further reduce customs duty on polyester filament yarn (PFY) by 7.5 percent and cut in excise duty from 8 percent to 4 percent.
The federation has also demanded abolition of 4 percent special CVD.
FIASWI opines duty reduction will not have any impact on imports of polyester filament yarn due to anti-dumping duty on imports from China, Indonesia, Malaysia, Korea, Chinese Taipei, Turkey and Thailand.
“Domestic spinners have welcomed the government's move to increase PFY prices, despite duty cut on raw material,” FIASWI stated.
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