Indian Ministry of Commerce to reduce DEPB rates

Indian Ministry of Commerce to reduce DEPB rates

Indian Ministry of Commerce has recently announced that export assistance given to steel and textile sectors under Duty Entitlement Pass Book (DEPB) will be reduced as the customs duties on the products of these sectors have been reduced. The Ministry announced that it is currently working on the new rates and the rates will be announced within one or two days. The Ministry also announced that it is discussing the steel export subsidies with the Ministry of Finance. Moreover, it was reported that the Ministry is planning to replace the DEPB scheme with a new one.