Tea Board annuls 156 licences
The Tea Board of India cancelled the permanent licences of 156 tea exporters for non-performance. Many of the exporters were found to be bogus.
Why licenses were cancelled?
It was found that these exporters were neither performing nor submitting the returns as per a statutory need. The Export licences are given under the Tea Distribution and Export Control Order and anyone exporting teas has to hold a valid licence from the Tea Board.
An export licence entitles a company to a host of benefits including income tax relief and duty draw reliefs.
Categories: Business & Economy Current Affairs 2018