Last Updated : Monday, January 20, 2020 23:08:09

ARVIND writes-off 350 million INR, following withdrawal of Exports incentive

AHMEDABAD | MUMBAI | RAJKOT – In a regulatory update as submitted to the Indian Stock Exchanges, Ahmedabad headquartered Indian Textiles major Arvind Ltd said of having written off 350 million (~35 crore) rupees following notification of Textiles Ministry in India, mentioning withdrawal of exports incentive scheme.

The update as submitted by the company to the Indian Bourses, further read that, A notification issued by Ministry of Textiles dated 14th January 2020 withdrawing the Merchandise Exports from India Scheme (MEIS) for export of garments and made-ups retrospectively from 7th March 2019, the company has written-off 350 million rupees.

MEIS is an export incentive granted to exporters at the rate of 4% of FOB value of exports to overcome tariff and non-tariff barriers, and logistics hardships for penetration into new markets.

As a result of this the Company will have a onetime write-off of about Rs. 35 Crores of MEIS incentives that were credited to the income earlier, the statement read.

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