Shri Saran welcomes the extension of DEPB Scheme

Saturday, April 12, 2008 (India)

Shri Sanjeev Saran, Chairman of The Synthetic & Rayon Textiles Export Promotion Council has welcomed the provisions of the Annual Supplement to the Foreign Trade Policy announced and termed them as generally positive and practical.

Shri Saran welcomed the extension of DEPB Scheme till May 2009 as it would remove the prevailing uncertainty about the Scheme.

He was also appreciative of the decision of the Government to pay 6% interest to exporters on delayed refund of terminal excise duty and CST as this would go a long way in getting timely refund to exporters. He also welcomed the extension of interest subvention on Export Finance by one year.

The SRTEPC Chairman also welcomed the reduction in Customs Duties from 5% to 3% payable under EPCG Scheme and the move to allow exports made towards fulfillment of export obligation under EPCG Scheme to be eligible for incentives under promotional schemes and hoped these would go a long way in helping exporters take advantage of EPCG Scheme for modernization of textile industry.

He added that the inclusion of countries like Albania, Djibouti, Sudan, Ghana and Colombia under the Focus Market Scheme would help in increasing exports to these countries.

However, the SRTEPC Chairman expressed his disappointment that no measures have been introduced to refund state level taxes which has been long standing demand of the exporters. He felt it is a recognized problem and the question is finding the mechanism.

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