BUSINESS

TEA for increasing drawback rates

TIRUPUR: The Tirupur Exporters' Association has expressed its disappointment over the Centre not increasing the duty drawback rates for knitwear garments. In a statement issued here on Monday, its president, A. Sakthivel, said the study done by Exim Bank showed that seven-eight per cent transaction cost for garment exports. Citing the huge increase in petroleum prices and service tax, he urged the Centre to increase the drawback rates to the previous level of 10.6 per cent as on January 18 from the present level of 6.26 per cent. While thanking the Finance Minister for increasing the value cap in drawback rates, Mr. Sakthivel urged him to increase the percentage that would help in increasing exports and employment opportunities, particularly for women.