Merchandise Exports from India Scheme (MEIS) is introduced in the Foreign Trade Policy of India 2015-20, as a part of the Exports from India Scheme. The Government of India has brought in the Merchandise Exports Incentive Scheme (MEIS), replacing five other similar incentive schemes present in the earlier Foreign Trade Policy 2009-14. The schemes that have been replaced by the MEIS scheme include:
- Focus Product Scheme (FPS)
- Focus Market Scheme (FMS)
- Market Linked Focus Product Scheme (MLFPS)
- Agri. Infrastructure incentive scheme
- Vishesh Krishi Gramin Upaj Yojna (VKGUY)
MEIS Scheme is designed to provide rewards to exporters, to emphasize on India’s export interest, to enhance India’s competitiveness in the world market, to offset infrastructural inefficiencies and associated costs. This scheme provides an incentive in the form of duty credit scrips. The incentive is paid a percentage of the realized FOB value (in free foreign exchange) for notified goods going to notified markets.
Process for filing the MEIS application:
1. The application can only be accessed by using the DGFT Digital Signature Certificate. The whole process for claiming rewards under this scheme is online.
2. One can apply the application both for Project as well as Normal Exports.
3. Fill all the necessary details like details of RCMC, registration port, and other details.
4. Add Shipping bills to the Shipping Bill Repository. A maximum of 50 shipping Bills are allowed in one application.
5. Once shipping bills are added to the repository, the system will automatically show the details of export date, country of export, FOB value, etc. in respect of that shipping bills. Only EDI Shipping bills are available for claiming MEIS benefits.
6. After that attach E-BRC to Shipping Bills. E-BRC details must be updated for that.
7. Create a MEIS application and enter the details of Export License Period based on LEO Date and Port of Registration.
8. Attach shipping bills, which you have added in the repository, to the application.
9. Submit the application by paying fees.
Note:
1. Import Export Code is a pre-requirement for the MEIS application.
2. You have to submit prescribed documents physically to DGFT HQs if the application is submitted for Project Exports.
Once your application is approved, Duty Credit Scrips will be issued to your organization. The Duty Credit Scrips can be used for:
(i) Payment of Basic Customs Duty and Additional Customs Duty
(ii) Payment of Central excise duties on domestic procurement of inputs or goods.
These scrips are freely transferable.
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Garima Bansal & Atul Singh- [email protected] – [email protected]
Author Bio
Hello Professional Readers,
i need your information regarding MEIS claim that whether we can apply for MEIS with Letter of Bank/Bank Certificate for Realized Foreign Currency instead of E-BRC or Not.?
2. Whether MEIS application can be done Offline or Not.
Your Input will be Valuable insight for ME.
Thank You.