Under the scheme, exporters are given refunds of tax incidence on the import content of their export products. The 14-year old scheme is the most popular among exporters, especially in the engineering including automobiles sector
New Delhi: The government today said it has extended the popular exports scheme- Entitlement Pass Book (DEPB)-for three more months till September. The scheme was due to end on 30th June, reports PTI.
"...we have extended Duty Entitlement Pass Book till September," finance secretary Sunil Mitra told reporters at the sidelines of a seminar organised by ministry of finance and OECD.
However, he said that the scheme will be phased out and replaced by duty drawback.
"It (DEPB) will be phased out (and) duty drawback will take its place. We have appointed a committee which we think will take a couple of months to decide all India drawback rates for items currently under DEPB," Mr Mitra said.
Exporters can also ask for brand rate fixation, he added.
The government spends annually about Rs8,000 crore reimbursing exporters on the taxes paid on import content of export products.
Under the scheme, exporters are given refunds of tax incidence on the import content of their export products. The 14-year old scheme is the most popular among exporters, especially in the engineering including automobiles sector.
India's exports went up by 37.55% year-on-year to $245.86 billion during 2010-11.
The objective of the issue are to augment the capital base of L&T Finance and L&T Infra to meet the capital requirements arising out of expected growth in their assets
The Rs1,750-crore initial share sale offer of L&T Finance Holdings, the financial services arm of Larsen & Toubro, is likely to hit the capital market this month.
"The company has received FIPB (Foreign Investment Promotion Board) approval for coming out with a Rs400-crore pre-IPO placement. Most likely, the initial public offer (IPO) will hit the market this month," sources said.
Sources said the company would soon file the final papers (Red Herring Prospectus) for the IPO and merchant bankers are receiving good response from investors for the pre-IPO placement.
Larsen & Toubro Finance Holdings Ltd had earlier this year filed the draft papers with market regulator Securities and Exchange Board of India (SEBI) for raising Rs1,750 crore through an IPO.
Citigroup, JM Financial and HSBC are acting as the book running lead managers for the IPO, while Credit Suisse and Barclays are acting as co-lead managers.
As per the details available with the draft red herring prospectus (DRHP) filed with the SEBI, the company may consider a pre-IPO placement of 6 crore equity shares to one or more investors, for up to Rs400 crore.
The objective of the issue are to augment the capital base of L&T Finance and L&T Infra to meet the capital requirements arising out of expected growth in their assets, primarily the loan portfolio, and for other general corporate purposes, it said in the draft prospectus.
Last year in September, L&T Finance Holding had filed the draft paper with SEBI for a Rs1,500 crore IPO, but in April 2011 approached the market regulator with revised draft prospectus for raising Rs1,750 crore.
L&T Finance Holdings Ltd, earlier known as L&T Capital Holdings Ltd, is the holding company for L&T Finance (that operates mutual fund business) and L&T Infra.
L&T Finance is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through its direct and indirect wholly-owned subsidiaries.
Sundaram Mutual Fund new issue closes on 24th June
Sundaram Mutual Fund has launched Sundaram Capital Protection Oriented Fund 2 Years (Series 1), a close-ended income scheme.
The objective of this scheme would be to seek income and minimise risk of capital loss by investing in a portfolio of fixed income minimise risk of capital loss by investing in a portfolio of fixed income securities. The scheme may invest a part of the assets in equity to seek capital appreciation.
The new issue closes on 24th June. The minimum investment amount is Rs5,000.
CRISIL MIP Blended Index is the benchmark index. Dwijendra Srivastava is the fund manager for debt portion and Srividhya Rajesh is the fund manager for equity portion of the scheme.