Government of India
Ministry of Finance, Department of Revenue
Central Board of Indirect Taxes and Customs
4th Roar, Jeevan Deep Building,
Parliament Street. New Delhi
Dated, 12th November, 2020
Sub: – Proposal for allocation of funds for MEIS for the FY 2019-20 and for 9 months of the FY 2020-21 i.e. from 01.04.2020 to 31.12.2020.
The undersigned is directed to refer to DGFT’s requests vide OMs dated 04.06.2020, 26.08.2020, 01.09.2020 and 01.10.2020 from F.No. 01/61/180/288/PC-3 regarding allocation for MEIS of Rs. 39,097 Crow fur the FY 2019-20, Rs. 10,555 Crore for the period 01.04.2020 to 31.08.2020 and Rs. 5000 Croce for the period 01.09.2020 to 31.12.2020.
2. It is to inform that the Competent Authority has approved the allocation of an amount of Rs. 39,097 Crore for MEIS benefits for exports made during the FY 2019Â-20. Further, allocation totalling Rs. 15,555 Crore for MEIS benefits for exports made during the period 01.04.2020 to 31.12.2020 is conveyed with the approval of the Competent Authority.
3. It may be ensured that the a forestalled allocations are utilized for issuance of duty credit scrips only for exports made during the respective periods i.e Rs. 39,097 Crore for FY 2019-20, Rs. 10,555 Crore for the period 01.04.2020 to 31.08.2020 and Rs. 5000 CroreÂ for the period 01.09.2020 to 31.12.2020.
4. To ensure that MEIS allocations for FY 2019-20 and for FY 2020-21 (April to December, 2020) are not exceeded, DGFT should review the MEIS outgo periodically and share scrip issuance data on a regular basis with this Department.
5. Further, keeping in mind the ongoing stress on Customs revenues, It is suggested to limit the issuance of MEIS duty credit scrips in this financial year. Accordingly, DGFT Is requested to issue MEIS scrips upto a total value of Rs. 16,000 Crore in FY 2020-21. Issuance of remaining scrips may be spread over the subsequent financial years through an appropriate mechanism.
(Gopal Krishna Jha)
Tel: 011-2336 0581
Directorate General of Foreign Trade,
(Kind Attn. Shri Amit Yadav, DGFT)
Udyog Bhawan, New Delhi â€” 110 011