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DGFT withdraws abeyance order on DEPB rate on fish products
K. R. Srivats
New Delhi
,
Sept. 29
THE Government has withdrawn its August 2004 order that placed the retrospective applicability of the revised 5 per cent Duty Entitlement Passbook (DEPB) rate on certain marine products in abeyance.
Informed sources said that the withdrawal of the abeyance order implies that exporters of certain marine products would now be entitled to the revised 5 per cent DEPB rate from May 3, 2003.
The Marine Products Exports Development Authority (MPEDA) had on May 3, 2003 made a representation for an upward revision in DEPB rate.
The main issue that was confounding the Commerce Ministry was whether the upward revision in rate could be allowed from the date on which the representation was made.
The Directorate-General of Foreign Trade (DGFT) had on June 21, 2004 announced through a public notice that the DEPB rate of 5 per cent would be effective from May 3, 2003 in respect of fish and fish products (including aquatic animal products of marine or fresh water origin) in processed, preserved and frozen form.
The country's marine sector registered an export turnover of $1,218.76 million during April-February 2004 as against $1,303.57 million recorded during April-February 2003.
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