MEIS, introduced through the Foreign Trade Policy (FTP) 2015-20 on April 1,2015, with product and market focussed incentives for 4914 tariff lines, is a major export promotion scheme implemented by the Ministry of Commerce and Industry. Rewards under MEIS are payable as a percentage of realized FOB value of covered exports, by way of the MEIS duty credit scrip, which can be transferred or used for payment of a number of duties including the basic customs duty.
The current revision introduces 110 new tariff lines and increases rates or country coverage or both for 2228 existing tariff lines. A summary of the additional coverage described in detail in the Public Notice No.44 dated 29th October, 2015, is as follows:
I - Global Support has been accorded to the following categories:
Textile items (Chap 50-60)
Pharmaceuticals, Surgical, Herbals
Project Goods Exports
Auto Components
Telecom, Computer, Electrical and Electronics Products
Railway, Transport Equipment and Parts
II - Higher Support has been granted to following categories of products, many of which are manufactured by MSMEs:
Industrial Machinery, IC Engines, Machine tools, Parts and Machinery for Dairy, Agriculture, Food Processing, Textiles, Paper.
Hand tools used in Agriculture /Horticulture/Forestry, Safety Razors, Blades
All type of locks, Reinforced Safes, Strong Boxes and Doors, Safe Deposit Lockers
Flexible Tubing , Pilfer Proof Caps for packaging
Bicycle parts
III- Additional countries have been covered for selected Leather products, Iron, Steel, and base metals, products
IV- Higher support has been allowed for Cashews, Readymade Garments, Paper Mache products and Handmade Shawls of wool
V- The following new products have been added:
Flexible Intermediate Bulk Containers of Man Made Textile Materials
Medical Instruments
Sports Goods
Value added / processed products of Natural Rubber, Chemicals, and Plastics
Powered by Capital Market - Live News
