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The Government will announce a duty drawback scheme by next month-end to replace the Duty Entitlement Passbook scheme. The DEPB scheme is set to expire on September 30.
Stating this, the Commerce and Industry Minister, Mr Anand Sharma, said on Friday that his Ministry is in discussions with the Finance Ministry to work out a ‘robust’ duty drawback scheme that will include even those sectors which are not covered at present.
The new duty drawback scheme will be more attractive than the DEPB as it (the new scheme) will offset the losses that the industry, particularly the exporting community, will incur due to the withdrawal of the DEPB, the Minster told reporters on the sidelines of a CII conference.
Mr Sharma said he had recently convened a meeting with the Secretaries of the concerned departments and will have another such meeting shortly. The Finance Minister, Mr Pranab Mukherjee, will also hold a similar meeting soon.
“We would like to allay the exporters’ apprehensions whether the needful will be done in time. It (announcing the replacement scheme) has to happen before September 30,” Mr Sharma said.
Earlier, speaking during the conference, Mr Sharma said the National Manufacturing Policy is likely to be announced in a few weeks time. The Minister said he signed a Cabinet note on the policy on Thursday, adding that all stakeholder consultations have been completed. The Cabinet will take up the policy soon.
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