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Govt restores DEPB scheme on cotton & yarn exports
05
Aug '11
The Union Government has notified the restoration of incentives on exports of cotton and cotton yarn. The Duty Entitlement Pass Book (DEPB) scheme on cotton has been put into effect on a retrospective basis from October 2010, while on cotton yarn from April 2011, according to Directorate General of Foreign Trade (DGFT).

Commerce and Industry Minister Anand Sharma, who also holds additional charge of the Textiles Ministry, said the decision was arrived at after the Government undertook a composite review of the cotton and cotton yarn industry in the country during the past few days.

The tax refund benefit on cotton and cotton yarn had been withdrawn by the Government in April 2010.

Last week, the Government lifted the export ban on cotton and has put it under Open General License (OGL). Cotton yarn was already under OGL for exports since April 2011. The DEPB is now restored after the removal of export restrictions, following a sharp fall in domestic and international prices of both cotton and cotton yarn.

Export tax was imposed on cotton due to a sharp rise in prices in January this year, but the prices started declining by end of March and decreased sharply in both local and international markets.

Cotton output in the current season is expected to surpass 32.5 million bales (1 bale = 170 kg). On account of high inventories, domestic consumption of cotton has also been revised for this season and lowered to 23.6 million bales, as against earlier estimate of 26.5 million bales.

Fibre2fashion News Desk - India

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