Govt. extends DEPB scheme for 3 months till September, 2011

The government today said it has extended the popular exports scheme – DEPB – for three more months till September.

The DEPB scheme was due to end on June 30.

“…we have extended Duty Entitlement Pass Book (DEPB) till September,” Finance Secretary Sunil Mitra told reporters at the sidelines of a seminar organised by Ministry of Finance and OECD.

However he said that the scheme will be phased out and replaced by duty drawback.

“It (DEPB) will be phased out (and) duty drawback will take its place. We have appointed a committee which we think will take a couple of months to decide all India drawback rates for items currently under DEPB,” Mitra said.

Exporters can also ask for brand rate fixation, he added.

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