Tirupur Exporters Assn urges TN CM to provide one-time exemption from MODT charges

The Tirupur Exporters' Association (TEA) on Saturday requested Tamil Nadu Chief Minister K Palaniswami to provide one-time exemption from the payment of Memorandum of Deposit of the Title Deed (MODT) charges to banks. In a statement, TEA President Raja M Shanmugham said after the Union Finance Ministry's announcement of stimulus measures for the MSMEs, including 20 per cent of entire outstanding credit as a collateral free loan, the banks are insisting to submit the MODT after registering at the Sub- Registrar Office, when approached for loans.

The MSMEs are currently struggling to meet their financial end due to COVID-19 impact, and mainly to ease of the financial stress on them at this juncture, he said and requested the Chief Minister help the MSMEs at this hour of liquidity crisis and strive hard and bring back their business to normalcy. While registering, the exporting units have to pay stamp duty charges against the loan amount as fixed by the Tamil Nadu government, he said.

Raja Shanmugham has also appealed to the Chief Minister to permit operation of buses with higher frequency for movement of people and also to enable workers located outside suburban areas and villages turn up for jobs to Tirupur, taking into account all positive developments in Coimbatore, Tirupur and Erode districts.PTI NVM SS PTI PTI.