The new Duty Entitlement Passbook (DEPB) Scheme—a scheme that allows tax relief to exporters—is likely to be ready by November this year.
 This was indicated by the Director General of Foreign Trade (DGFT) R S Gujral during an interactive session with trade and industry organized by the CII here on Wednesday.
Urging industry to come up with specific suggestions to help prepare the contours of the new DEPB scheme, Gujral assured the exporters that necessary changes would be made to make the new scheme WTO-compatible.
In the past the WTO has pointed to India that its export promotion schemes should be compatible with WTO rules and regulations.
Need to cut cost
Dr Shyam Agarwal, Additional Director General of Foreign Trade, said “the uncertainties arising due to sudden withdrawal of certain schemes  cannot be avoided altogether since it is dependent on external policy environment.”
While dwelling on impact of rising rupee on exports the DGFT urged the exporters to learn to live with exchange rate fluctuations as it would be a regular phenomenon in the process of economic growth. “The exporters must cut cost to become competitive and learn to hedge against the exchange rate fluctuation risks,” Mr Gujral said. He also said that the functioning of zonal offices of DGFT have been decentralized and facilitation process made easier.