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Industry & Economy - Exports & Imports


Govt waives stamp duty on usance bills for exporters

K.R. Srivats

New Delhi , July 15

IN an export friendly move, the Finance Ministry has decided to refrain from exacting the whole of the stamp duty chargeable on the usance bills of exchange executed by an exporter in an export transaction.

This move, which has come into effect from July 8, of the revenue department spells good news for the exporting community. Exporters have been demanding waiver of stamp duty on foreign bills.

In the run up to the Union Budget, the President of the Federation of Indian Export Organisations (FIEO), Mr Rafeeque Ahmed, had urged the Finance Minister, Mr P. Chidambaram, to withdraw this levy on exporters.

Exporters are required to affix foreign bill stamps on their usance bills of above 90 days and up to 180 days.

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