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Submitted by
S.BAGIYALAKSHMI
(Reg.No. 15-PI-11)
Submitted to
MS.SARANYA.,
reports in regional wise to strengthen the contents of new Foreign Trade Policy
2015-2020 (FTP 2015-20). We expect most of the recommendations and
suggestions on the issues have been incorporated in new foreign trade policy 20152020 (FTP 2015-20).
The Foreign Trade Policy 2015-2020 has been designed by including long
term and medium term strategy to boost overall growth of Indias foreign trade by
enhancing trade competitiveness.
Today, Foreign Trade Policy 2015-2020 has been announced by Ministry of
Commerce & Industry which shall be effective from 1st Apr15 to 31st Mar20.
The glimpse of the same has been produced herein below:
1. Five different schemes(Focus Product Scheme, Market Linked Focus Product
Scheme, Focus Market Scheme, Agri Infrastructure Incentive Scrip, VKGUY)
merged into single unconditional scheme named as Merchandise Export from India
Scheme(MEIS);
2. SFIS(Serve from India Scheme) has been replaced by Service Exports from
India Scheme(SEIS) so as to allow benefits to all services providers located in
India, instead of Indian Service Providers. This amendment has been made to abide
by the recent verdict pronounced by Honble Delhi High Court in case of YUM
RESTAURANTS(I) Pvt. Ltd. V. UOI & Ors.;
3. Scrips as well as goods under both the aforesaid schemes shall be fully
transferable;
4. MEIS benefit shall be computed on basis of FOB value of exports, whereas
benefit under SEIS shall be based on Net foreign exchange earned;
5. Rates under SEIS shall be 3% and 5%, depending on nature of industry notified;
6. Import of capital goods under EPCG Authorisation Scheme shall not be eligible
for exemption from payment of anti-dumping duty, safeguard duty and transitional
product specific safeguard duty;
7. Scrips under both the schemes can be used for the payment of customs duty,
excise duty and service act at the time of procurement;
8. Certificates by CA/CS/CWA, etc. shall be allowed to be uploaded
electronically(digitally signed). - See more at: http://taxguru.in/dgft/8-importantforeign-trade-policy-20152020.html#sthash.EPDLDd32.dpuf