The Hindu Business Line : Proposals invited for scheme to replace DEPB

THE Government has taken the first step towards finding an appropriate replacement for the duty entitlement passbook (DEPB) scheme, which currently serves 52 per cent of the country's exports value-wise. The merchandise exports in rupee terms for 2003-04 stood at around Rs 2,91,580 crore.

The Directorate General of Foreign Trade (DGFT) on Friday invited proposals from exporters for carrying out a detailed study on a new scheme that would replace the DEPB scheme. The proposals are to be submitted by November 10.

The Commerce and Industry Minister, Mr Kamal Nath, had in his foreign trade policy (2004-09) speech of August 31, assured exporters that the DEPB scheme would be continued until replaced by a new scheme and this new scheme would be drawn up in consultation with exporters.

The DGFT has now held that the new scheme should meet the genuine duty neutralisation needs of exporters and should offer "discernible" and "superior features" compared to the DEPB scheme.

It said that the study may look into the best practices in export promotion schemes that are followed by developed and developing countries.

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