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12-19-2014
Topic ID: 1
Tyre companies to buy rubber at 25% higher than global price

(Source: Business Standard)

Major trye makers have agreed to procure natural rubber from domestic market at 25% rate higher than the International (Bangkok) price. In a meeting with Kerala chief minister Oommen Chandy, top brass of 12 leading tyre companies had approved the purchasing formula proposed by Kerala government.

According to the agreement worked out on December 18, tyre companies will buy rubber from local market with 20% customs duty and 5% purchase tax, over the international price from local dealers.

Rubber Board will fix the price on a daily basis, based on Bangkok daily rates. As per the agreement, government will refund 50% of the purchase tax to the companies.

The other 50% also will be disbursed as refund claim on VAT collected from the buyers. The scheme will be applicable to the purchase of RSS-4 grade only.

Accordingly based on today's Bangkok price tag of Rs 105 a kg, growers will get Rs 131.25 a kg for RSS-4 grade although the market price is Rs 115 a kg.

Keywords: Tyre,Rubber

We have laid out plans to export Yokostone brand cycle tyres and tubes. For export enquiries contact Mr. Raman K Anirudhan at raman.exports@yokostone.com.
Initially we are looking at exports to Afghanistan; Mauritius; Kenya; Zanzibar; Mozambique; Egypt.

 
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