 Online edition of India's National Newspaper Tuesday, Jan 06, 2009 ePaper | Mobile/PDA Version |
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NEW DELHI: Seeking to put in action the second phase of the stimulus package for exporters, the Government on Monday hiked the duty refund rates and restored them to the level before November 5, 2008, when the reimbursement was cut. The Directorate General of Foreign Trade (DGFT) has also notified extension of the popular Duty Entitlement Pass Book (DEPB) scheme for refund of taxes to exporters, till December 2009. The government had cut the tax refund rates for exporters in November after the rupee appreciated fast to give higher realisations. However, with the worsening of the global markets, mainly the U.S. and Europe, exports have started contracting putting lakhs of jobs at risk. Concerned over the plight of exporters and the employment stakes in the sector, the government, in the second stimulus package, announced restoration of the DEPB benefits taken away in November.
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