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DUTY DRAWBACK SCHEME: The scheme of Duty Drawback is governed by the 'Customs and Central Excise Duties Drawback Rules' compiled and notified by 'Drawback Directorate' of the Department of Revenue, Ministry of Finance of the Government of India. Under these rules, customs duties and central excise duties on raw materials, components and packing materials used in export products are refunded back to the exporter, on post-export basis. In other words, import duties and central excise duties on material inputs for export products are allowed to be drawn-back (i.e. refund) under the incentive scheme of Duty Drawback. Thus the drawback refers to the rebate of duty chargeable on any imported or excisable material used in the manufacture of goods exported from India. According to the Drawback Rules 1995, drawback has been permitted not only on materials/inputs used in the manufacture but also processed or subjected to any other operation for export of goods from India.
Drawback is given both to the manufacturers, exporters or merchant-exporters and expert trading houses, etc. Levy of interest on delayed payment of drawback has also been permitted. Interest at such rate as may be fixed by the Board would be liveable in case payment against a claim for drawback is not made within three months of filing the claim in the prescribed manner.
Drawback will not be allowed if the total foreign exchange spent on inputs used in the goods exported is more than the FOB value of the exports or the value addition is negative. Drawback will also not be allowed if the export value of goods is less than the value of the imported material used in the manufacture of the export goods or where the sale proceeds of the exported goods are not received within the specified limit. Drawback will also not be admissible if MODVAT is availed of.
RECENT DEVELOPMENTS IN EXPORT FINANCING: As stated earlier, offer of attractive credit terms is a crucial factor in winning export contracts. Hence, financial institutions are off
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