The Hindu Business Line : DEPB rates slashed for many product groups

THE Government has slashed the duty entitlement passbook rates on a host of items in groups such as engineering products, chemicals, plastics, electronic goods, leather and leather products, sports goods and fish and fish products.

Official sources said that the Directorate General of Foreign Trade has now factored the reduction in the peak rate of customs duty into the DEPB rates and therefore lowered the rates. The Finance Minister, Mr P. Chidambaram, had in his Budget speech for 2005-06, proposed a reduction in the peak rate for non-agricultural products from 20 per cent to 15 per cent.

While the DEPB rates have been altered in several product groups, the DGFT's latest exercise excludes textile products. The DEPB rates of textile products have not been subjected to any changes on account of the requests made by the Textiles Ministry, the sources said.

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