LAHORE: The true potential of the textile sectors lies in value-added apparel exports, for which the government should solve the problems of the garment and knitwear exporters to ensure sustainable textile exports.
New Delhi: After unearthing firms that made fake export credit claims, the Department of Revenue has asked the Directorate General of Foreign Trade (DGFT) to seek regular compliance and verification reports from other regulators, besides seeking statutory records of compliance from exporters, including certifications from the banks.
Investigations found nine star exporters in sectors such as agro-processing, garments and electronics were not traceable at the addresses on record, while in two cases, the premises were found sealed and seized by banks as the exporters had been declared as NPAs, even as they availed IGST refunds.
At the time of implementation of the Goods and Services Tax (GST) on July 1, 2017, the Centre had promised to compensate states for loss of revenue for five years at an agreed formula.
The rupee continued its downward journey and fell by 25 paise to 72.05 against the US currency on Monday due to a spike in crude oil prices. The domestic currency fell tracking weak Indian equities amid escalating tensions in the strategic Gulf region.
India has jumped 14 places to rank 63rd out of 190 countries in the World Bank's Doing Business 2020 report.