Business Economy 02 Aug 2017 Tirupur's  ...

Tirupur's knitwear exporters urge banks to pass on repo rate cut benefits

PTI
Published Aug 2, 2017, 5:04 pm IST
Updated Aug 2, 2017, 5:04 pm IST
Traders in Tirupur claimed they had been hit hard by the GST and urged banks to pass on repo rate cut benefit.
Knitwear exporters at nearby Tirupur on Wednesday urged banks to pass on the rate cut benefits to exporters who have been hit hard by GST. (Representational Image)
 Knitwear exporters at nearby Tirupur on Wednesday urged banks to pass on the rate cut benefits to exporters who have been hit hard by GST. (Representational Image)

Coimbatore: Knitwear exporters at nearby Tirupur on Wednesday urged banks to pass on the rate cut benefits to exporters who have been struggling and facing initial hiccups after implementation of GST from July 1.

In a statement, Tirupur Exporters' Association president Raja Shanmugam thanked the Monetary Policy Committee for reducing the Repo rate from 6.25 per cent to 6 per cent on expected lines. However the banks should pass on the rate cut benefit to the exporters, he said.

 

The association has already represented to all banks for enhancement of limit to ease the working capital blockage and hoped the banks would consider the genuine requisition of exporting units, particularly SMEs in the export sector, he said.

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