Govt close to finalising new drawback scheme

Government sources have indicated that they are close to finalising new drawback scheme. CNBC-TV18's Siddharth Zarabi reports.

Sources say new duty drawback scheme put up for Finance Minister's approval. The new drawback scheme is based on S Chaudhuri report. The report was accepted by Finance Ministry, however, with some modifications. Sources say all items under DEPB will continue under new scheme. The new rates will be lower than DEPB rates. The revised rates have been fixed and a final nod is awaited. The industry will have to learn to live with the new reality, said a government official.