Cong Will Return To Power On Its Own: Pawar

Cong Will Return To Power On Its Own: Pawar

The Synthetic and Rayon Textiles Export Promotion Council (SRTEPC) is sore over the changes effected in the Duty Entitlement Pass Book (DEPB) scheme.

 

Council chairman G K Gupta said that the authorities have lowered the threshold limit for Present Market Valuation (PMW) under DEPB scheme to 10 per cent from 15 per cent on June 7.

 

This would bring all items exported under the ambit of the PMW and result in exports being questioned by the customs leading to delay and harassment to the exporters, he added.

 

Gupta was also critical of the amendment in para 7.38 of the Handbook of procedures by virtue of which the value of import under DEPB licence cannot exceed FOB value of exports against which the DEPB licence has been issued. He added that this would result in partial utilisation of the DEPB licence and waste of credit earned leading to financial loss to the exporters and make the DEPB scheme highly unattractive.

 

 

He reaveled that the changes in the DEPB scheme would also have a dampening effect on exports of high value items. He also pointed out that the majority of the regular exporters in the synthetic textiles sector operate under the DEPB scheme and sudden changes are bound to slow down the exports of synthetic textiles which is already falling down.

 

He cautioned that in the prevailing adverse market conditions such restrictive policy measures would stifle the recovery of exports and urged the authorities to look into the matter and announce withdrawal of the measures announced at the earliest. TLE>