Date:01/04/2008 URL: http://www.thehindu.com/2008/04/01/stories/2008040160351600.htm

Business

Relief under DEPB scheme to continue

Special Correspondent

NEW DELHI: Giving a major relief to the distressed export sector, whose growth has come under strain in view of the weakening dollar, the Government on Monday decided to continue incentives under the exporters’ most preferred Duty Entitlement Pass Book (DEPB) scheme that was to expire on Monday.

The extension of DEPB scheme comes close on the heels of the announcement by Union Commerce Minister Kamal Nath here on Monday that the Government was considering cutting duties on food items, edible oils and a whole range of products.

Although the Directorate General of Foreign Trade (DGFT) made an announcement regarding the extension of the scheme but it did not give any timeframe.

The DGFT notice said the DEPB will continue “till further amendments” in the scheme.

The Government is likely to fix the date for continuation of the export incentives under the scheme only after it gets approval from the Cabinet Committee on Economic Affairs (CCEA).

The DEPB is considered as the most preferred route through which exporters claim refund of various taxes.