Delayed demise of DEPB scheme

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The termination of the Duty Entitlement Pass Book (DEPB) Scheme from October is justified and in fact was overdue. One reason why the beneficiaries are not upset is because they knew that the end was neigh. All they could try was to delay it. It has now been announced by the Finance Ministry that from the 1st October 2011 the DEPB Scheme which is the most popular tax saving facility for exporters would be abolished. The Ministry of Finance and the Ministry of Commerce had undertaken several studies on the oft repeated assertion by the countries importing goods from India that the Scheme had hidden subsidy in it. The alternative to DEPB Scheme is the Duty Drawback Scheme. An exporter can choose either of them. Study on the subject has proved that for the export of a particular commodity, the exporter gets much more than what he would get under the Drawback Scheme.
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