: AEPC welcomes release of dues under RoSCTL #FinanceIndia #StockMarketNEWS AEPC welcomes release of dues under RoSCTL New Delhi, Sept 10 (KNN) Apparel Export Promotion Council (AEPC) has welcomed and

@StockMarketNEWS Sun 13 Sep, 2020

Posted in: #FinanceIndia #StockMarketNEWS

AEPC welcomes release of dues under RoSCTL #FinanceIndia #StockMarketNEWS
AEPC welcomes release of dues under RoSCTL New Delhi, Sept 10 (KNN) Apparel Export Promotion Council (AEPC) has welcomed and thanked Ministers of Textiles, Finance, and Commerce and Industry for releasing funds to pay the dues under Rebate of State and Central Taxes and Levies (RoSCTL) for fiscal 2020-21.

“Madam, I sincerely wish to thank you for your prompt and quick action in facilitating release of our long-pending benefit of RoSCTL for 2020-21. I also wish to express my profuse thanks for this personal initiative on your part to get this benefit released,” Chairman Dr A Sakthivel wrote in a letter to Minister of Textiles Smriti Zubin Irani.

The Union Cabinet, in March 2020, had approved the continuation of RoSCTL for export of garments and made-ups from April 1, 2020, till the scheme is merged with Remission of Duties and Taxes on Exported Products (RoDTEP).

“This scheme has been the backbone of policy support for the industry and will surely restore not just the competitiveness of the industry, but also positive sentiments for achieving higher export targets. This has been the request of our members in the Apparel Export Industry for a long time and who would definitely benefit from this measure,” the Chairman said.

Apparel exports, which had been hit hard by the lockdowns, global depression in demand, increasing defaults due to bankruptcies and closure, huge increase in logistic and transactional costs, etc, needed this support for regaining the disadvantage that it was facing in the global markets, he said.

Although the year so far has seen double digit declines in exports during April-91.04 per cent, May-66.19 per cent, June-34.84 per cent and July-22.09 per cent, this announcement will be an important milestone in changing the export trends, Dr Sakthivel said.

The Chairman thanked the Minister of Textiles for taking several bold and pragmatic initiatives to help the Industry in mitigating the present huge crisis.

Dr Sakthivel also wrote separate letters thanking Minister of Finance Nirmala Sitharaman and Commerce and Industry Minister Piyush Goyal for taking timely and decisive actions to support the Apparel exporting industry and the millions of workers engaged in it.