Today, Foreign Trade Policy 2015-2020 has been announced by Ministry of Commerce & Industry which shall be effective from 1st Apr’15 to 31st Mar’20.
The glimpse of the same has been produced herein below:
1. Five different schemes(Focus Product Scheme, Market Linked Focus Product Scheme, Focus Market Scheme, Agri Infrastructure Incentive Scrip, VKGUY) merged into single unconditional scheme named as Merchandise Export from India Scheme(MEIS);
2. SFIS(Serve from India Scheme) has been replaced by Service Exports from India Scheme(SEIS) so as to allow benefits to all services providers located in India, instead of Indian Service Providers. This amendment has been made to abide by the recent verdict pronounced by Hon’ble Delhi High Court in case of YUM RESTAURANTS(I) Pvt. Ltd. V. UOI & Ors.;
3. Scrips as well as goods under both the aforesaid schemes shall be fully transferable;
4. MEIS benefit shall be computed on basis of FOB value of exports, whereas benefit under SEIS shall be based on Net foreign exchange earned;
5. Rates under SEIS shall be 3% and 5%, depending on nature of industry notified;
6. Import of capital goods under EPCG Authorisation Scheme shall not be eligible for exemption from payment of anti-dumping duty, safeguard duty and transitional product specific safeguard duty;
7. Scrips under both the schemes can be used for the payment of customs duty, excise duty and service act at the time of procurement;
8. Certificates by CA/CS/CWA, etc. shall be allowed to be uploaded electronically(digitally signed).