SME Times News Bureau | 14 Jun, 2012
Indian exporters are increasingly focusing on opportunities in Iran, said exporters' body FIEO, which also expressed serious concern over the unavailability of funds with the UCO Bank in the rupee account.
"Exporters are looking at emerging opportunities of exports to Iran to bridge the trade deficit," said the Federation of Indian Export Organisations (FIEO) in a press statement on Wednesday.
The government Wednesday assured exporters that tax exemption granted for crude oil purchases from Iran for their captive use would be notified in a 'day or so'.
FIEO president M Rafeeque Ahmed raised the matter with Dr Anup Pujari, DGFT who informed, after ascertaining from CBDT (Central Board of Direct Taxes) that the necessary notification will be issued in a day or so.
"...After ascertaining from CBDT the necessary notification will be issued in a day or so," Ahmed said in a statement on Wednesday.
Ahmed expressed his serious concern over the unavailability of funds with the UCO Bank in the Rupee account which has given a jolt to India's exports to Iran and made exporters jittery.
President FIEO met the authorities concerned for augmenting of funds in the account so that the momentum is not lost.
The flow of funds have been affected due to delay in issuance of withholding tax notification for which announcement was made in the Budget.
