what is the deposit refund system
Answers
A deposit-refund system (DRS), also known as deposit-return system, advance deposit fee or deposit-return scheme, is a surcharge on a product when purchased and a rebate when it is returned. A well-known example is when container deposit legislation mandates that a refund is given when reusable packaging is returned...
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A deposit refund system commonly refers to the refund of the payment made by the consumer due to the return of the product purchased on any subsequent discount is imposed on it.
Explanation:
Deposit refund system is an economic or financial instrument to compensate for any effect of undesirable externalities caused by the use or consumption of any particular product.Therefore,when any reusable or recyclable product is used and returned by the consumer,he or she is eligible for the deposit refund system indicating an incentive payment for the return of the product.This system is mainly applicable on items which are reusable or recyclable and can cause undesirable or detrimental impact on the environment or society as a whole as a way or means to compensate for such potential negative impact.