The government has invited views of the stakeholders to revise the deemed export policy, aimed to avert the misuse of the scheme.  Deemed exports refer to those transactions in which goods supplied to the users do not leave the country and payment for such supplies is received in any currency.  Stakeholders’ comments would be accepted till June 28. The revision of the existing scheme was necessitated as there have been incidents of multiple interpretations of late. Trying to avoid such awkward situations, last month the government constituted a panel to improve upon the policy.

There have been reports that the policy is being misused, especially in the power sector.

“The Committee in the meeting held last week has decided to seek the views of all stakeholders by giving them another opportunity to submit their suggestions,” said the Directorate General of Foreign Trade (DGFT).

Besides, the group would examine if the scheme properly reflects the government priorities.

The panel, chaired by DGFT Anup K Pujari, comprises members from the Planning Commission, Reserve Bank and Department of Economic Affairs. It would submit its report to the Commerce Ministry by August.

PTI

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