Government has been monitoring the situation arising out of the appreciation of rupee. The appreciation of the rupee is a reflection, in part, of the growing strength of the economy and has positive economic benefits by way of cheaper imports and subdued impact on prices.
However, the rapid appreciation of rupee in recent weeks has adversely affected exporters who had contracted export orders earlier. In July 2007, government had announced a set of measures aimed at providing relief to exporters.
These related to accelerated reimbursement of dues to exporters, reduction in the interest rate on pre-shipment and post-shipment credit, and revision in drawback rates and DEPB rates. The total financial relief of these measures was estimated at Rs.1400 crore.
On 17/9/2007, Government had announced refund of service tax to exporters in respect of four services (Port Services, Transport of Goods, Transport by Railways, and other port service) for export purposes.
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Press Information Bureau Government of India
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