New Foreign Trade Policy Likely On August 31

New Delhi: | Updated: Jul 28 2004, 06:25am hrs
The government is likely to unveil the new national foreign trade policy on August 31. Commerce and industry minister Kamal Nath would first table a statement on the policy in Parliament before releasing it for exporters.

The policy is likely to lay emphasis on stepping up non-IT services and farm exports and would bring about further procedural simplifications. The duty entitlement passbook scheme may be replaced by another duty neutralisation scheme, official sources told PTI.

Mr Nath had earlier said that taxes and levies should not be exported and thus the commerce ministry is working on a new scheme. Under the depb scheme, exporters are granted duty credit against export producers as percentage of freight on board value of exports. The scheme covers more than 50 per cent of countrys exports.