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New Delhi: A limit has been imposed on total rewards under the Merchandise Exports from India Scheme (MEIS). As per a notification issued by Directorate General of Foreign Trade (DGFT) last evening, the total reward which may be granted to an Importer Exporter Code (IEC) holder under the scheme shall not exceed Rs.2 Crore per IEC of exports made in the period September 1 and December 31, 2020.
Further, any IEC holder who has not made any exports for a period of one year preceding September 1 or any new IECs obtained on or after September 1, would not be eligible for submitting any claim under MEIS. In addition, MEIS Scheme will be withdrawn with effect from January 1, 2021.
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“The above ceiling will be subject to further downward revision to ensure that the total claim under MEIS for the period 1.9.2020 to 31.12.2020 does not exceed prescribed allocation by the government which is Rs.5,000 Crore,” the Ministry of Corporate Affair stated here on Wednesday.
It is estimated that 98 per cent of the exporters’ claim of MEIS will be unaffected by the changes. The unaffected exporters who have already factored in MEIS in the pricing of their products do not face any change or uncertainty since neither coverage of products nor rates of MEIS will be changed. An advance notice of 4 months of the end date of MEIS provides certainty for the future pricing decisions.
– globalbihari bureau
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