India announces revised rates for duty drawback

India's Ministry of Finance announced the revised rates of duty drawback, which is scheduled to come into force as of July 15, 2006. The drawback rates have been determined on the basis of changes in input prices and duties. The Drawback Schedule includes 84 new items. The new drawback rates for semi finished steel, HR Coils, CR Sheets, GP Sheets and bars & rods are in the range of 2.7-3.7 percent with drawback caps varying from Rupees 625-1,000/mt ($13-21/mt).