Engineering Exporters Seek Continuation Of DEPB Scheme

New Delhi, November 28: | Updated: Nov 29 2002, 05:30am hrs
Engineering export promotion council has joined the federation of Indian export organisations in seeking the continuation of the duty entitlement passbook (DEPB) scheme till the duration of the current export and import policy (2002-07) as it is the only instrument that will aid the exporters to face intense global competition.

In a statement, council chairman Satish K Dhanda stressed that exporters of capital goods including automotive sector had already entered into long-term contracts based on the applicable DEPB rates and the sudden withdrawal of this facility would force them to wriggle out of their commitments or get into legal problems at the cost of heavy loss to the nation.

The ideal situation, he said, would be the continuance of the scheme for a period of three more years and then merge it with the duty drawback scheme.