DGFT clarifies the issue of restoration of DEPB benefits

DGFT clarifies the issue of restoration of DEPB benefits

Indian Directorate General of Foreign Trade (DGFT) announced yesterday that Duty Entitlement Pass Book (DEPB) incentives for steel exports that were restored on July 12, 2004 will have a prospective effect not retrospective effect as certain steel related industries interpreted. Thus, with a circular released by DGFT yesterday, the issue of whether the restoration of DEBP incentives is prospective as of July 12, 2004 has been clarified. DGFT is stated to have instructed its regional units to take action accordingly.