Punjab Govt slashes taxes on cotton purchase

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In a bid to offer a permanent respite to the cotton producers and the ginning mill owners, Punjab Chief Minister Prakash Singh Badal on April 4 declared a one percent reduction in the Market Fee imposition on purchase of cotton in Punjab. Moreover, the Rural Development Fund (RDF) levied on cotton purchase has also been slashed by one percent.
Initially, admitting the Punjab Cotton Factories and Ginners’ Association’s demand, the state government in October last year granted a temporary relief by reducing both, the Market Fee and the Rural Development Fund (RDF) from two to one percent, which remained into effect till March 31, 2011.
However, the CM did request the association members to deposit 0.25 percent of amount paid for cotton purchase in to the fund created by the state government to help the Cancer patients, as a gesture of kindness.
He further declared that, the government would be giving well-equipped fire brigades to all the leading cotton mandis in Malwa, so as to help these mandis to respond to fire incidents during the cotton arrival season.
The CM said that, he aspires that the Malwa region which is identified as the cotton belt of Punjab should be developed as a textile mills cluster. If this is done, it would help the people to gain advantages of value addition, he added.

(Source: http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=97499)

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