Internationally accepted 8-digit code to become operational by end July
The government will introduce the internationally accepted eight-digit classification code for exporters and importers for the excise purpose in July.
Speaking at an open house with exporters organised by Chemexcil, SK Mishra, member, Central Board of Excise and Customs, said the eight-digit code on the lines of customs, which is accepted in international markets, would become operational by July end.
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The government was planning to close the duty entitlement pass book (DEPB) scheme from April 1, 2005 and merge it with the duty drawback scheme, director general of foreign trade Labanyendu Mansingh said at the open house.
Stating that schemes like DEPB were coming under attack from North America and the European Union, Mansingh said industry should gear up and become more competitive.
Mansingh asked exporters to push up the incremental growth rate to achieve the export target of 1 per cent of the world trade ahead of the 2007 deadline. He said the industry should become more ambitious and aggressive to boost the exports from the country.