The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, has amended Table 1 (containing list of country groups) and Table 2 (containing ITC (HS) code wide list of products with reward rates) of Appendix 3B under the Merchandise Exports from India Scheme (MEIS) through public notice numbers 27 and 28.
In Table 1, Norway, Switzerland, Iceland and Liechtenstein have been shifted from country group C to country group A. Hence, exports of textile products to these countries will get MEIS reward of 2-5 per cent depending on specific HS code. Likewise, Hong Kong is shifted from country group C to country group B.
Post amendment in Table 2, exports of fabrics – both woven and knitted – covered under various HS codes to Bangladesh and Sri Lanka will also be eligible for 2 per cent MEIS reward which was earlier not available, with effect from July 14, 2015.
MEIS was introduced in the Foreign Trade Policy 2015-20 announced on April 1, 2015. The scheme allows duty credit scrips at the prescribed rates of 2 per cent, 3 per cent and 5 per cent on exports of notified products to notified countries classified under Group A, B and C.
Source:fibre2fashion.com
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