Changes in DEPB rates but what happened to All India Drawback rates?
The DGFT has announced DEPB rates for certain machinery items with the rate and Value Cap. But it is any body's guess as to what happened to the various Committees that were to recommend the All India Drawback Rates. With the reduction in Customs duties, these rates needed revision, but nothing seems to be happening and the Government seems to be willing to lose precious money at least till the next budget. It will be interesting to note that our foreign exchange reserves are overflowing not because of our exports but for other reasons. The export subsidy seems to be more than the customs duty on imports. Is it worth the trouble? - See PUBLIC NOTICE NO , DATED: December 1, 2004.
A fine is a tax for doing something wrong -- a tax is a fine for doing something right.
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