News Galiyara

The Indian Polyurethane Association Appeals for Aid During COVID-19 Crisis

News Press Release

The Indian Polyurethane Association (TIPA) has placed a request with the Government to ease the functioning of the sector in order to help it sustain the current Coronavirus pandemic. The body comprising of raw material, machinery manufacturers and processors utilizing Polyurethane in applications like mattresses, furniture, automotive, building & construction, refrigeration, cold storages, footwear, paints, and adhesives have been highly affected due to the ongoing COVID-19 pandemic, beset with their own challenges of Small and Medium scale sector and the stoppage of imports of raw material.

Taking all factors into consideration, the govt. registered body has taken this step as a directive of all its stakeholders. In a formal letter to Ms. Nirmala Sitharaman, Hon’ble Minister of Finance and Corporate Affairs, the Association of Polyurethane industry has detailed out a few requisites that require her attention for survival of the industry.

  • The release of GST refunds to Excise Exempted Units at the earliest and accelerating the GST refunds to improve the Cash Flow. Additionally, deferment of GST deposits up to 90 days.

  • Support of 50% wages from the government, pursuant to the Government’s mandate on workers being paid in full for the lock-down period. The government may also use ESI funds for the same.

  • Employer and Employee contribution towards PF and ESI may be borne by the Government for a period of three months only, as payment of wages is mandatory for workers.

  • Postponement of Advance Tax due for June 2020 to Sept 2020.

  • Increase of Credit Limit to 30% from 25% without any additional collateral or conditions, on Ad-hoc basis. Banks may also be requested to reduce the margin money from 25% currently to 10%. The Debtor’s limit including single party limit may please be increased by 60 days by the Banks. Loan installments may be deferred by 90 days by the Banks without charging any interest for this period.

  • Reduction of Customs Duty and Surcharges by 50% for the next three months. The Demurrage charges, Port/land charges, CFS Charges, late filing charges all due to the 40 days lock-down may please be waived, since several containers of the raw materials are in Port/ICD, which cannot be moved due to transportation problems.

About The Indian Polyurethane Association

The Indian Polyurethane Association was founded in May 1992 by a modest group of entrepreneurs and Raw Material Suppliers to facilitate interaction and accelerate growth in the Indian Polyurethane Industry. Starting with a modest membership of 35 members, the IPUA has now over 260 members drawn from all segments of the Industry and covers about 80% of the products processed/produced.

While many people have been instrumental in growing the Association from its formative years – mention need to be made of the following persons whose vision has helped IPUA evolve into a dynamic organization – Mr. Rahul Gautam, Late Mr. M Sarangapani, Mr. Mukesh Bhuta, Mr. Gian C Jain, Mr. N C Pillai, Dr. R C K Gupta and Mr. K Ramamurthy.

Right from its inception, the IPUA has provided a forum for interaction, discussion and catalyzed growth in the Industry by conducting over 40 programs for the benefit of the Industry covering Technology Innovation, Education, Updates, Safety Health and Environment etc. The IPUA has also participated in various International events in the industry and has put Indian Polyurethane on the global map. Special mention needs to be made of the efforts to assist and aid the Government of India and United Nations in the implementation of the Montreal Protocol and reduce Global Warming and eliminate usage of Ozone depleting substances. The IPUA has a broad vision for the future and its working groups are constantly innovating for all round improvement of the industry and the Quality of Life.

This story has been sourced from a third party syndicated feed, agencies. News Galiyara accepts no responsibility or liability for its dependability, trustworthiness, reliability, and data of the text. DigitalGaliyara (OPC) Private Limited management reserves the sole right to alter, delete or remove (without notice). If you have any concern with the Content, then please write to us at mail@digitalgaliyara.com

Source link

Follow us on Social Media and on Google News, FacebookInstagram, and Twitter.
For Videos Content and Stories subscribe to our YouTube Channel.
News Galiyara is now on Telegram.  (@newsgaliyara) follow us and stay updated with the latest news
https://www.youtube.com/watch?v=0uZeM7M5r4k

Related posts

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More