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'Indian media's allegation baseless and fictitious Kathmandu, Nov. 22 (RSS): Nepal Cottage And Small Industry Federation has denied some Indian print media's allegation that Nepalese industries are exporting third country raw materials to India after only nominal processing and resorting to under-invoicing so as to avoid countervailing duty. It also describes as baseless and fictitious the Indian newspaper Economic Time's allegation (in Nov. 20 issue) that Nepalese industrialists are using the excess amount from the under-invoiced export items to finance Indian terrorist activities and drug-related criminal activities. The news story which tries to malign the Nepalese industrial entrepreneurs is insulting to the entire Nepalese, the federation says in press communiqué. The facility for Nepalese export in India is in reciprocation for facility the Indian exports enjoy in Nepalese market. The Indian products enjoy equal facility as Nepalese products in Nepalese market and there is neither quantitative nor qualitative restriction on Indian products in Nepalese market. Besides, Indian exports to Nepal are 90 per cent under-invoiced (except those listed under duty refundable procedure), it says. Neither any banking procedure nor any certificate of origin is required for Indian export to Nepal and because of these factors Indian goods are able to dominate in the Nepalese market, it notes. Nepal imports from India in the fiscal year 1999-2000 were worth Rs 40.928 billion whereas its export to India in that year stood at mere Rs 22.618 billion, it notes, adding that thus Nepal is clearly suffering from a heavy trade deficit with India. If Nepal is to impose quantitative restriction on Indian export or allow transaction through banking system only this will reduce Nepalese import from India by 60 per cent, it says. Adding that however, the existing arrangement is providing economic benefits to both the countries. Stating that the fictitious allegation will adversely affect both Nepalese and Indian products, it calls on His Majesty's Government to give its reaction to such objectionable allegation immediately. Other Story |
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