Date:24/02/2005 URL: http://www.thehindu.com/2005/02/24/stories/2005022404551200.htm

National

FIEO contributes Rs. 51 lakhs for tsunami relief

By Our Special Correspondent

NEW DELHI, FEB. 23. The Federation of Indian Export Organisations (FIEO) handed over a sum of Rs. 51 lakhs contributed by its members to the Prime Minister, Manmohan Singh.

On the occasion, the FIEO president, O. P. Garg, urged the Prime Minister to consider inclusion of the Duty Entitlement Pass Book Scheme (DEPB) in Section 28 of the Income Tax Act through the Finance Bill 2005-2006 to save exporters from `harassment' by income tax authorities.

High transcation cost

While seeking extension of income tax benefits to artisan-based tiny and cottage industries such as handicrafts, textiles and carpets on the same lines as applicable to export-oriented units, special economic zones and wood-based handicrafts, the delegation led by Mr. Garg also wanted measures to offset the high transaction cost to make Indian exports competitive and provide EDI connectivity among all agencies dealing with importers/exporters within a specific timeframe.

Underlining the need to include DEPB, (Introduced in the Exim Policy 1997-2002) in Section 28 of the Income Tax Act from 1.4.1997, he said that in the past also, import licences were included in Section 28 through the Finance Act 1990, with effect from 1.4.1962.