Home India Ministry of Commerce and Industry In exercise of powers conferred under paragraph 1 03 of the ...
Date: 2020-06-01 Category: Extra Ordinary State: Union Government Country: India

In exercise of powers conferred under paragraph 1 03 of the Foreign Trade Policy 2015 2020

Issued by Ministry of Commerce and Industry · Department of Commerce

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Executive Summary & Key Takeaways

Executive Summary: This public notice issued by the Directorate General of Foreign Trade amends the Foreign Trade Policy 2015-2020 regarding Merchandise Export from India Scheme (MEIS) and Service Exports from India Scheme (SEIS). It addresses the validity of scrips and deadlines for application submissions under these schemes. Key actions include extending scrip validity and adjusting deadlines for applications with late cuts. Key Points / Main Content: MEIS/SEIS Scrip Validity: Duty Credit Scrips issued between 01.03.2018 and 30.06.2018 are now valid until 30.09.2020. MEIS Application Late Cuts: The period between 01.03.2020 and 30.06.2020 will not be counted when calculating late cuts for MEIS applications as of 01.03.2020. The last date for submission of applications will be re-determined accordingly. SEIS Application Deadlines: For services rendered in FY 2016-17, the last date for applications with a 10% late cut is 30.06.2020, after which applications will be time-barred. For services rendered in FY 2017-18, a 5% late cut (as applicable on 31.03.2020) continues to apply to applications submitted until 30.06.2020; a 10% late cut applies to applications submitted until 31.03.2021. Impact Analysis: Exporters/Service Providers: Impact: Benefits from extended validity of scrips expiring between 01.03.2020 and 30.06.2020 and relaxation in late cut applicability for MEIS/SEIS applications. Action Required: Review scrip validity dates and application deadlines, and resubmit applications accordingly. Directorate General of Foreign Trade (DGFT): Impact: Responsible for implementing the amendments to the Foreign Trade Policy and ensuring compliance. Action Required: Update relevant systems and guidelines, and communicate the changes to stakeholders.

Key Entities Referenced

NEW DELHI: The city where the notification was issued. Directorate General of Foreign Trade: The issuing authority for the public notice. Foreign Trade Policy 2015-2020: The policy under which the powers are conferred. HBP 2015-20: Handbook of Procedures 2015-2020, which is being amended by this notice. MEIS: Merchandise Exports from India Scheme, referenced in the context of application deadlines and validity of scrips. SEIS: Service Exports from India Scheme, referenced in the context of application deadlines and validity of scrips. Amit Yadav: Director General of Foreign Trade and Ex-Officio Additional Secretary. Ministry of Commerce and Industry: The ministry to which the Directorate General of Foreign Trade belongs.
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