Bid to ease access to export sops
New Delhi: The commerce ministry's foreign trade arm DGFT has simplified the procedure for traders to get export incentives under the MEIS scheme, a move aimed at promoting the ease of doing business for exporters.
Under the Merchandise Exports from India Scheme (MEIS), the government provides duty benefits depending on the product and country.
The directorate general of foreign trade (DGFT) will start the process of system-driven approval of the MEIS claim applications from Monday in respect of exports made through EDI (electronic data interface) shipping bills.
The move will enable automatic approval of claims made by exporters to get incentives under this scheme and the new process is allowed through electronic data interchange ports.
"Under the new system - E com Module for MEIS - regional authorities will not check the MEIS applications. It will be automatically approved. DGFT officials will have to just attest the print and the duty credit scrips," a government official said.
Rewards under the scheme are payable as a percentage of realised free-on-board value and MEIS duty credit scrip or certificate can be transferred or used for payment of a number of duties, including the basic customs duty.
"This will reduce time, effort and lead to faster claim approval," the official said.