DEPB Scheme for Exporters Unlikely To Get Extension: DGFT
The commerce ministry today indicated that the DEPB, popular duty benefit scheme for exporters, is not likely to continue beyond June 30.
Indian exporters are demanding for continuation of Duty Entitlement Pass Book (DEPB) scheme for another five years.
The DEPB scheme, under which companies get refunds of customs duty paid on imported raw material for manufacturing products meant to be exported, will be expired on June 30.
"As of now, the government stated policy is that at June 30, 2011, DEPB shall end. If something comes, think that it is a bonus...but as of now, do not hope for anything," Directorate General of Foreign Trade (DGFT) Anup Pujari said here at an interactive session with exporters.
Apex exporters body FIEO said that the exporting community is facing uncertain future and there is no other equivalent scheme under the current Foreign Trade Policy (FTP) to replace DEPB scheme.
"...the DEPB scheme should be extended for a further period of at least 5 years to provide a stable economic support for the Indian exporters," Federation of Indian Export Organisations (FIEO ) Vice-President J K Jain said.
Jain said that small exporters will be affected more due to the expiry of the scheme.
However, Pujari said that he is aware of the difficulties exporters would face after the expiry of the scheme.
The government has made it clear that the popular DEPB scheme, which has been in vogue for over a decade, is being extended for the last time.
Source: in.news.yahoo.com
