To ensure that the total claim under MEIS scheme does not exceed the allocation prescribed by Central Government, amendments have been made in Foreign Trade Policy, 2015-2020 effective from 1st September, 2020.
Effects of the Amendments:
- Imposition of limit on rewards under MEIS so that for exports made in the period 01.09.2020 to 31.12.2020 the total reward which can be claimed by an IEC Holder does not exceed the ceiling of ₹ 2 crore.
- Govt. may further reduce the claim to ensure that total claim by all exporters does not exceed ₹ 5,000 crore.
- Following Exporters will not be eligible for submitting any claims under MEIS:
- IEC Holder who has not made any exports for a period of one year preceding 01.09.2020 (Based on LEO Date of shipping bills).
- Exporters who obtained IEC on or after 01.09.2020.
- MEIS shall cease to be in effect from 01.01.2021and will be replaced by a new scheme.
Source: Notification No: 30/ 2015-2020
– Abhinav Nagpal
Shine Wing India