Business News This Week
The Duty Entitlement Passbook Scheme (DEPB) scheme for exports was scheduled to expire on March 31 this year, but it is extended to the new financial year. Today Commerce Minister Kamal Natha has extended the scheme to May 2009. The cabinet had withdrawn DEPB benefits on items such as steel, cement, manganese and other goods last month in order to improve the supply situation in the domestic market. The move by the cabinet was to check the inflation measures in India.
The Federation of Indian Export Organisations (FIEO) will be happy as the income tax benefit for exporters from export-oriented units (EoUs) has been extended to march 31, 2010, which was to end on march 31, 2009. Commerce Minister Kamal Nath announced that a new Export Promotion Council for the telecom sector would be set up to provide institutional support to exports from the sector.
The minister has also gave relief to the industries suffering loss due to the rupees appreciation through measures. There is a reduction in the Customs duty payable under the Export Promotion Capital Goods (EPCG) scheme has been reduced to 3% from 5%. other highlights of the Foreign Trade Policy include- a 6% interest will be paid to exporters if they are not refunded within a month of the due date. Setting up of a joint task force with representatives of the central government state governments, panchayati raj institutions, industry and exporters would be set up. The task force would prepare a detailed action plan to successfully implement the objectives of the Foreign Trade Policy.
The Federation of Indian Export Organisations (FIEO) will be happy as the income tax benefit for exporters from export-oriented units (EoUs) has been extended to march 31, 2010, which was to end on march 31, 2009. Commerce Minister Kamal Nath announced that a new Export Promotion Council for the telecom sector would be set up to provide institutional support to exports from the sector.
The minister has also gave relief to the industries suffering loss due to the rupees appreciation through measures. There is a reduction in the Customs duty payable under the Export Promotion Capital Goods (EPCG) scheme has been reduced to 3% from 5%. other highlights of the Foreign Trade Policy include- a 6% interest will be paid to exporters if they are not refunded within a month of the due date. Setting up of a joint task force with representatives of the central government state governments, panchayati raj institutions, industry and exporters would be set up. The task force would prepare a detailed action plan to successfully implement the objectives of the Foreign Trade Policy.