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Dated 22nd March, 2018 | Copy of | DGFT Public Notice No.67   Processing of Merchandise Exports from India Scheme (MEIS) applications for SEZs Exports.   In pursuance of the objective of improving ease of doing business, simplifying the procedures, cutting down delays, the Director General of Foreign Trade, in exercise of the powers conferred under the Paragraph 1.03 of the Foreign Trade Policy 2015-20 hereby amends the provisions relating to processing of MEIS applications as below with immediate effect: A. Existing Para 3.01(c) of HBP 2015-20: If application is filed for exports made through EDI ports, then the RAs shall not ask for any physical documents except under the provisions of Para 3.01 (h) below and therefore hard copy of ...

The Dollar Business Bureau Few days after threatening with reciprocal taxes on export products from India, the US, under Donald Trump administration, has launched a fresh offensive against it by filing complaint at the World Trade Organisation (WTO) about, what it termed, as its export subsidies programmes such as Special Economic Zones (SEZs) and the Merchandise Exports from India Scheme (MEIS). The US has requested to hold discussions with India on the issue, the first step before taking any legal action. In its request, the US has argued that the incentives provided by India violate the WTO agreements as it has crossed the economic benchmark of $1,000 per capita gross national income (GNI). Under the rules of WTO, India and the US are ...

The Dollar Business Bureau Commerce and Industry Minister Suresh Prabhakar Prabhu said on Thursday that financial incentives for exporters through various export promotion schemes such as Merchandise Exports from India Scheme (MEIS) is expected to cross Rs. 1 lakh crore in the fiscal 2017-18. “Incentives to exporters under various schemes like the popular MEIS, SEIS, Advance Authorisation and the Export Promotion Capital Goods (EPCG) would cross Rs.1,00,000 crore and touch Rs.1,20,000 crore or even more depending on the performance of exports in the last two months of the fiscal,” Prabhu said while addressing a press conference. “You heard our Finance Minister say (in his Budget speech) that exports this year could have a growth of 15% over the previous year. A good export performance means ...

The Dollar Business Bureau Commerce and Industry Minister Suresh Prabhu said on Tuesday that he believes there are good prospects of exports of Khadi from the country as the world shifting towards natural and eco-friendly products, thus creating a demand for eco-friendly products. “The export prospects of Khadi is rest assured with world moving towards natural and eco-friendly products,” Prabhu said at a round table discussion, organised by Indian Institute of Foreign Trade (IIFT) with support from Khadi and Village Industries Commission (KVIC) and UDAAN SKILL. “More and more people are becoming conscious of responsibility towards the environment and ecology and greater demand is being generated for bio-degradable and eco-friendly products,” he added. The Minister further said that it is for this reason the ...

The Dollar Business Bureau India’s gems and jewellery exports dropped by 4.65% to around $25 billion during the nine-month period of the current fiscal due to sluggish demand in major international markets, including the US. The exports from the sector were $26.1 billion during April-December period last year, according to the date by Gems and Jewellery Export Promotion Council (GJEPC). The decline in exports is owing to the negative growth in the outward shipments of gold jewellery and gold coins and medallions. During the given period, gold jewellery exports contracted by 4% to $7 billion, according to the data. Similarly, shipments of gold medallions and coins dipped by around 55% during the period. On the other hand, exports of silver jewellery ...

The Dollar Business Bureau The industry has welcomed the initiatives taken in the mid-term review of Foreign Trade Policy (FTP) – 2015-20, specifically the 2% increase in rates under the Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS), as well as the raising of validity period of duty credit scrips from 18 to 24 months. Welcoming the FTP’s mid-term review, Ganesh Kumar Gupta, President, Federation of Indian Export Organisations (FIEO) said that the 2% increase in the MEIS rates for labour intensive sectors such as leather, carpets, handicrafts, tools, marine, medical & scientific products and services such as accountancy, architecture, legal, education, hotel and restaurant will provide much needed respite to these sectors which are facing huge ...

Aamir H Kaki Exporters, essentially from MSMEs and labour-intensive sectors will now be eligible for 2% higher incentives under the Merchandise Export from India Scheme (MEIS), as per the mid-term review of the Foreign Trade Policy (FTP) released by Commerce and Industry Minister Suresh Prabhu on Tuesday in New Delhi. Incentives under the Services Exports from India Scheme (SEIS) have also been increased by 2%. In addition, the review of the FTP has brought in relief amounting to Rs. 8450 crore annually for the labour-intensive sectors and micro, small and medium enterprises (MSME). The Minister said that the Policy, announced in 2015, was not a one-time exercise for helping the exporters. “It is an on-going effort. The Government will continuously revisit concerns of the exporters, identify ...

The Dollar Business Bureau Apparel exporters’ body, Apparel Export Promotion Council (APEC) has welcomed the Government’s move to double the rates of incentives under the Merchandise Exports from India scheme (MEIS) for readymade garments and made-ups. Last week, the Directorate General of Foreign Trade (DGFT) has increased the rates for garments and made-ups to 4% from 2% of value of exports under the MEIS. The revised rates are effective from November 1. Commenting on development, AEPC Chairman Ashok G. Rajani said, “We welcome the increase in the rates of MEIS. The enhancement in the rates will help in the fulfilment of orders for the Christmas festival as it will result in easing the blocked capital. It will help in the mitigation of the ...