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TMI BlogGuidelines for Issuance of Duty Credit Scrips under Incremental Export Incentivisation Scheme (IEIS) for Quarterly period (01.01.2013 to 31.03.2013) in pursuance of Trade Notice 04 dated 05.05.2016X X X X Extracts X X X X X X X X Extracts X X X X ..... .2016. The Incremental Export Incentivisation Scheme (IEIS) for Quarterly basis (01.01.2013 to 31.03.2013) was introduced vide Notification No.27 dated 28.12.2012 . Under this scheme, an IEC holder was entitled for duty credit scrip @ 2% on the incremental growth during the period 01.01.2013 to 31.03.2013 compared to the period from 01.01.2012 to 31.03.2012 on the FOB value of export subject to conditions prescribed therein. 2. Vide Trade Notice No. 04 dated 05.05.2016 , clarification regarding benefit under Incremental Export Incentivisation Scheme (IEIS) was issued by this Directorate and instructions were issued for processing the cases of the IEIS claims by RAs without imposing any cap on account of the earlier stipulation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arly disclaimer provision of Para 3.17.10(b) of FTP 2009-14 also not admissible as per Para 3.14.4(e) of FTP 2009-14 .Therefore, applicants who have purchased goods from another legal entity who is also having IEC not entitled for benefit under the Scheme on such purchases of goods. More generally, no right is vested in cases where irregularities have been resorted to applicants. 6. It has been observed from the list of file numbers provided by the NIC many of the firms have filed multiple applications. In the list it is observed many of the firms have shown different export performance under such different file numbers for the base period ( 01.01.2012 to 31.03.2012) and the claim period (01.01.2013 to 31.03.2013) . In this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts with false material particulars. RAs should also take action against such Chartered Accountants and report such fraudulent practices to the Institute of Chartered Accountants of India (ICAI). 8. As per Paragraph 3.14.4(a) of the FTP 2009-14 , the objective of the Scheme is to incentivize incremental exports. As per Para 3.14.4(b) of the FTP 2009-14 , an IEC holder would be entitled for a duty credit scrip @ 2% on the incremental growth (achieved by the IEC holder) during the period 01.01.2013 to 31.3.2013 compared to the period from 01.01.2012 to 31.3.2012 on the FOB value of exports. As per Para 3.14.4(c) of the FTP 2009-14 , quantum of benefit will be calculated on the incremental growth achieved subject to eligibility ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 05.05.2016 and this notice is applicable for all claims whether pending/ fresh ones / or those which were issued with cap earlier pertaining to the said Quarterly IEIS Scheme only. 11. The date of initial complete application may be considered as the date for determining the applicable late cut. No supplementary cut shall be imposed in terms of Para 9.4 of the HBP 2009-14 if the application for the entire claim has already been applied in the initial application within specified time limits. The validity period of such scrips shall be 18 months from the date of issue of the supplementary Scrip. 12. The RAs are also informed that applicant firms who have given reduced export performance details once at any time will not be g ..... X X X X Extracts X X X X X X X X Extracts X X X X
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