Two new paragraphs, 3.04A and 3.04B are inserted in the Foreign Trade Policy as below:
3.04 A: The total reward which may be granted to an IEC holder under the Merchandise Exports from India Scheme (MEIS) shall not exceed Rs 2 crore per IEC on exports made in the period September 1, 2020, to December 31, 2020. Any IEC holder who has not made any export with LEO date during the period September 1, 2019 to December August 31, 2020 or any new IEC obtained on or after September 1, 2020 would not be eligible for submitting any claim for benefits under MEIS for exports made with effect from September 1, 2020.
The aforesaid ceiling may be subject to a further downward revision to ensure that the total claim under the Scheme for the period (September 1, 2020 to December 31, 2020) does not exceed the allocation prescribed by the Government, which is Rs 5,000 crore.
3.04 B: Benefits under MEIS shall not be available for exports made with effect from January 1, 2021.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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