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Package for exporters likely on 12 July

Package for exporters likely on 12 July
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First Published: Thu, Jul 12 2007. 01 14 PM IST
Updated: Thu, Jul 12 2007. 01 14 PM IST
PTI
New Delhi: The government is likely to announce the much-awaited package for exporters, hit by a sharp rise in rupee value, on 12 July evening or the next day.
The sops may include hike in the Duty Entitlement Pass Book (DEPB) and Duty Drawback rates by 5%.
“They (Revenue Department officials) are expected to announce it later in the day,” a Commerce Ministry official said here.
Earlier this week, Prime Minister Manmohan Singh held a meeting with Commerce Minister Kamal Nath and RBI governor Y V Reddy to finalise the package.
RBI is likely to ask the banks to reduce the rate of interest on pre- and post-shipment credit to exporters to 6% from the present rate ranging between 9% and 11%.
The Ministry is also asking RBI to direct banks to meet 15% export credit disbursement target.
The rupee has risen nearly 10% since the beginning of 2007, including 6.4% during April-June. This is hurting software companies, small and medium exporters and labour intensive sectors such as textiles and leather.
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First Published: Thu, Jul 12 2007. 01 14 PM IST