NEW DELHI: The Centre has added RSS (Ribbed Smoked Sheet) and TSR (Technically Specified Rubber) in Merchandise Export from India Scheme (MEIS) which would make exporters eligible for an incentive at the rate of two per cent for exports to 169 countries including China, US, Germany, Italy, Poland, UK, Malaysia, Brazil, Egypt, Iran, Japan, Mexico, Russia, Singapore, South Africa, Turkey and UAE.
The Rubber Board had been pressing with the Directorate-General of Foreign Trade (DGFT) for the inclusion of natural rubber (NR) in the MEIS since the announcement of Foreign Trade Policy (FTP) 2015-20, as the policy announced on 1 April 2015 had not included NR in any of the export incentive schemes. It is presumed that the inclusion of NR in the scheme would give a fillip to exports of NR from India.
The extension of incentive as a part of FTP is expected to improve the competitiveness of Indian exporters by reducing infrastructural inefficiencies and associated costs. In FTP 2015-20, the government has merged Focus Product Scheme, Market Linked Focus Products Scheme, Focus Market Scheme, Agri-Infrastructure Incentive Scrip and Vishesh Krishi and Gram Udyog Yojana for rewarding merchandise exports with different kinds of duty scrips into a single scheme.
Duty Credit Scrips (DCSs) shall be granted as rewards under MEIS. The DCSs and goods imported or domestically procured against them shall be freely transferable. The DCSs can be used for payment of customs duties for import of inputs or goods and payment of excise duties on domestic procurement of inputs or goods including capital goods and payment of service tax.
In June 2012, the government had added NR in the Market Linked Focus Product Scheme with two per cent incentive.
DRI busts smuggling rackets, seizes 31kg gold
VIJAYAWADA: The Directorate of Revenue Intelligence (DRI) seized 31.5 kg gold worth 13.3 crore in the last three days. DRI...
