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Payment problem with Iran to be resolved shortly, notification for withholding tax on the anvil: M. Rafeeque Ahmed, President, FIEO


FIEO/PUB/PR /58/12                                  -                    June 13, 2012

 



Payment problem with Iran to be resolved shortly, notification for withholding tax on the anvil: M. Rafeeque Ahmed, President, FIEO





Rafeeque Ahmed, President FIEO 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.




Mr Ahmed raised the matter with Dr Anup Pujari, DGFT who informed, after ascertaining from CBDT that the necessary notification will be issued in a day or so.




FIEO Chief said that exporters are looking at emerging opportunities of exports to Iran to bridge the trade deficit.
 
 
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