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TMI BlogEXPORTS FROM INDIA SCHEMESX X X X Extracts X X X X X X X X Extracts X X X X ..... ii) Deleted (iv) Payment of Basic Customs Duty and Additional Customs Duty specified under Sections 3 (1), 3 (3) and 3 (5) of the Customs Tariff Act, 1975 and fee as per paragraph 3.18 of this Policy. Merchandise Exports from India Scheme (MEIS) 3.03 Objective Objective of the Merchandise Exports from India Scheme (MEIS) is to promote the manufacture and export of notified goods/ products. 3.04 Entitlement under MEIS Exports of notified goods/products with ITC[HS] code, to notified markets as listed in Appendix 3B, shall be rewarded under MEIS. Appendix 3B also lists the rate(s) of rewards on various notified products [ITC (HS) code wise]. The basis of calculation of reward would be on realised FOB value of exports in free foreign exchange, or on FOB value of exports as given in the Shipping Bills in freely convertible foreign currencies, whichever is less, unless otherwise specified. 6 [ 3.04 A 13 [ The total reward which may be granted to an IEC holder under the Merchandise Exports from India Scheme (MEIS) shall not exceed ₹ 2 Crore per IEC on exports made in the period 01.09.2020 to 31.12.2020 [period based on Let Export Order (LEO) date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d rates are listed in Appendix 3X as per Annexure to this Notification. ] (b) 1 [Such service provider should have minimum net free foreign exchange earnings of US$15,000 in year of rendering service to be eligible for Duty Credit Scrip. For Individual Service Providers and sole proprietorship, such minimum net free foreign exchange earnings criteria would be US$10,000 in year of rendering service.] (c) Payment in Indian Rupees for service charges earned on specified services, shall be treated as receipt in deemed foreign exchange as per guidelines of Reserve Bank of India. The list of such services is indicated in Appendix 3E. 9 [ However, there shall be no such specified services under Appendix 3E for exports made in the financial year 2019-20 ] (d) Net Foreign exchange earnings for the scheme are defined as under: Net Foreign Exchange = Gross Earnings of Foreign Exchange minus Total expenses / payment / remittances of Foreign Exchange by the IEC holder, relating to service sector in the Financial year. (e) If the IEC holder is a manufacturer of goods as well as service provider, then the foreign exchange earnings and Total expenses / payment / remittance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Scrips in case of import. (d) Government may prescribe value cap of any kind for a product(s) or limit total reward per IEC holder under this chapter at any time. 7 [ 12 [ 14 [ 3.13A: Last Date of Submitting Applications for Scrip based Schemes The last date for submission of online applications under MEIS for exports made in the period 01.09.2020 to 31.12.2020, and applicable late cut as in Para 9.02 of HBP would be as below: Scheme Last date of submission of Application Late Cut if submitted till the last date as in column 2 (as % age of Entitlement under the scheme) (1) (2) (3) MEIS (for exports in the period 01.09.2020 to 31.12.2020) 31.08.2022 Nil No further MEIS applications would be allowed to be submitted after the prescribed last date (as above) and such applications would become time-barred. Late cut provisions shall also not be available for submitting claims at a later date. ] b. In supersession of the laid down provisions on applicable late cut as in par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t under Duty Credit scrip shall be adjusted for Duty Drawback as per DoR rules or notifications. 3.16 Import under lease financing Utilization of Duty Credit Scrip shall be permitted for payment of duty in case of import of capital goods under lease financing in terms of provision in paragraph 2.34 of FTP. 3.17 Transfer of export performance (a) Transfer of export performance from one IEC holder to another IEC holder shall not be permitted. Thus, a shipping bill containing name of applicant shall be counted in export performance / turnover of applicant only if export proceeds from overseas are realized in applicant s bank account and this shall be evidenced from e - BRC / FIRC. (b) However, MEIS, rewards can be claimed either by the supporting manufacturer (along with disclaimer from the company / firm who has realized the foreign exchange directly from overseas) or by the company/ firm who has realized the foreign exchange directly from overseas. 3.18 Facility of payment of custom duties and fee through duty credit scrips (a) Duty Credit Scrip can be utilized / debited for payment of Custom Duties in case of EO defaults for Authorisations issued under Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tus Holder (a) Status Holders are business leaders who have excelled in international trade and have successfully contributed to country s foreign trade. Status Holders are expected to not only contribute towards India s exports but also provide guidance and handholding to new entrepreneurs. 15 [ ( b) All exporters of goods, services and technology having an import-export code (IEC) number shall be eligible for recognition as a status holder. Status recognition will depend on export performance. An applicant shall be categorized as status holder on achieving export performance during the current and previous three financial years (for Gems Jewellery Sector the performance during the current and previous two financial years shall be considered for recognition as status holder) as indicated in paragraph 3.21 of Foreign Trade Policy. The export performance will be counted on the basis of FOB of export earning in freely convertible foreign currencies or in Indian Rupees as per para 2.53 of the FTP. ] (c) For deemed export, FOR value of exports in Indian Rupees shall be converted in US$ at the exchange rate notified by CBEC, as applicable on 1st April of each Financial Y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hemes under FTP, unless specified otherwise anywhere in FTP or HBP; (d) Exemption from compulsory negotiation of documents through banks. Remittance / receipts, however, would be received through banking channels; (e) Two star and above Export houses shall be permitted to establish Export Warehouses as per Department of Revenue guidelines. (f) Three Star and above Export House shall be entitled to get benefit of Accredited Clients Programme (ACP) as per the guidelines of CBEC (website: http://cbec.gov.in). (g) The status holders would be entitled to preferential treatment and priority in handling of their consignments by the concerned agencies. (h) Manufacturers who are also status holders (Three Star/Four Star/Five Star) will be enabled to self-certify their manufactured goods (as per their IEM/IL/LOI) as originating from India with a view to qualify for preferential treatment under different preferential trading agreements (PTA), Free Trade Agreements (FTAs), Comprehensive Economic Cooperation Agreements (CECA) and Comprehensive Economic Partnership Agreements (CEPA). Subsequently, the scheme may be extended to remaining Status Holders. (i) Manufacturer exporter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... service provider should have minimum net free foreign exchange earnings of US$15,000 in preceding financial year to be eligible for Duty Credit Scrip. For Individual Service Providers and sole proprietorship, such minimum net free foreign exchange earnings criteria would be US$10,000 in preceding financial year. 2. Substituted vide Notification No. 22/2015-2020 dated 26-07-2018 before it was read as 3.05 Export of goods through courier or foreign post offices using e-Commerce (i) Exports of goods through courier or foreign post office using ecommerce, as notified in Appendix 3C, of FOB value upto ₹ 25000 per consignment shall be entitled for rewards under MEIS. (ii) If the value of exports using e-commerce platform is more than ₹ 25000 per consignment then MEIS reward would be limited to FOB value of ₹ 25000 only. (iii) Such goods can be exported in manual mode through Foreign Post Offices at New Delhi, Mumbai and Chennai. (iv) Export of such goods under Courier Regulations shall be allowed manually on pilot basis through Airports at Delhi, Mumbai and Chennai as per appropriate amendments in regulations to be made by Department of Revenu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to 31.03.2020 only), iv. for ROSCTL (for exports made from 07.03.2019 to 31.12.2020) and v. for ROSL (for exports made upto 06.03.2019 for which claims have not yet been disbursed under scrip mechanism). After 31.12.2021, no further applications would be allowed to be submitted and they would become time-barred. Late cut provisions shall also not be available for submitting claims at a later date. b. In supersession of the laid down provisions on applicable late cut as in para 9.02 of the HBP, the new late cut for applications submitted upto 31.12.2021 as indicated above shall be: Sl no. Scheme Period of Exports (Let Export Date in the period) / Services rendered in the period Late Cut (as % age of Entitlement under the Scheme) 1 MEIS FY 2018-19 (01.07.2018 to 31.03.2019) 10% 2 MEIS FY 2019-20 and FY 2020-21 (upto 31.12.2020) Nil 3 SEIS FY 2018-19 5% 4 SEIS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nil 6 ROSL Upto 06.03.2019 Nil ] 13. Substituted vide NOTIFICATION No. 58/2015-2020 dated 07-03-2022 before it was read as The total reward which may be granted to an IEC holder under the Merchandise Exports from India Scheme (MEIS) shall not exceed ₹ 2 Crore per IEC on exports made in the period 01.09.2020 to 31.12.2020 [period based on Let Export Order (LEO) date of shipping bill(s)]. Any IEC holder who has not made any export with LEO date during the period 01.09.2019 to 31.08.2020 or any new IEC obtained on or after 01.09.2020 would not be eligible for submitting any claim for benefits under MEIS for exports made with effect from 01.09.2020. The aforesaid ceiling may be subject to further downward revision to ensure that the total claim under the Scheme for the period (01.09.2020 to 31.12.2020) does not exceed the allocation prescribed by the Government, which is ₹ 5,000 Cr. 14. Substituted vide NOTIFICATION No. 58/2015-2020 dated 07-03-2022 before it was read as a. In supersession of the existing laid down provisions in the Hand Book of Procedures, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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