What does DEPB mean in US GOVERNMENT
Duty Exemption Pass Book (DEPB) is a license issued by the Directorate General of Foreign Trade (DGFT), India, allowing an importer to import goods without paying Basic Customs Duty or BCD. It is also known as Advance Licensing Scheme. DEPB is a form of export incentive as it reduces the cost incurred by the importer.
DEPB meaning in US Government in Governmental
DEPB mostly used in an acronym US Government in Category Governmental that means Duty Exemption Pass Book
Shorthand: DEPB,
Full Form: Duty Exemption Pass Book
For more information of "Duty Exemption Pass Book", see the section below.
Essential Questions and Answers on Duty Exemption Pass Book in "GOVERNMENTAL»USGOV"
What is a Duty Exemption Pass Book?
A Duty Exemption Pass Book (DEPB) is a license issued by the Directorate General of Foreign Trade (DGFT), India, which allows an importer to import goods without paying Basic Customs Duty or BCD.
Who issues DEPB?
DEPB is issued by the Directorate General of Foreign Trade (DGFT), India.
What are the benefits of having a DEPB?
The main benefit of having a DEPB is that it reduces the costs incurred by the importer since they will not have to pay Basic Customs Duty or BCD on their imports.
How long does it take for DGFT to issue DEPB?
It normally takes 10-15 days for DGFT to process and issue DEPB after receiving all required documents.
Is there any fee associated with obtaining a DEPB?
Yes, there is processing fee associated with obtaining DEPB from DGFT which varies as per different schemes available under Advance Licensing Scheme.
Final Words:
A Duty Exemption Pass Book provides an importer with various advantages including reduction in cost due to exemption from customs duty on imported products, processing time and fees associated with obtaining this pass book vary according to Advance Licensing Scheme.