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Highlights of mid-term review of foreign trade policy 2015-20 effective from 05.12.2017

This is for your information that Department of Commerce under Ministry of Commerce & Industries of Govt. of India has released mid-term review of Foreign Trade Policy 2015-20 on 05th Dec 2017; highlights of the same are given hereunder for your information.

1. Merchandise Exports From India Scheme (MEIS)

Incentives for two Sub-sectors of textiles i.e. readymade garments & made ups increased from 2% to 4%. Now, the MEIS incentives available at 2, 3, 4 and 5% of the FOB value of Exports to promote export of notified goods manufactured/produced in INDIA.

Incentives for exports by MSMEs/Labour intensive industries such as leather, agriculture, carpet hand tools ,marine products, rubber products, ceramic, sports goods, medical and scientific products and, electronic and telecom components increased by-2%.

2. Services Exports From India Scheme (SEIS)

SEIS incentives have been increased by 2% for Business, Legal Accounting, Architectural, Engineering, Educational, Hospital, Hotel and Restaurants services.

3. MEIS/SEIS Duty credit scrip’s validity period has been increased from 18 months to 24 months.
4. GST rate on Sale of MEIS/SEIS Duty credit scrips reduced to 0%.
5. Advance Authorization Scheme:

Authorized Economic Operator: AEO certificate holders allowed duty free input for export production with self declaration instead of getting ratification of NORMs committee. Now AEO certified exporters will self certify the requirement of duty free raw materials /inputs and take an Authorization from DGFT.

AEO certified importer have been notified for deferred payment of Customs duty.

Duty Drawback continued with revised rate for drawback of BCD and remnant to central Excise duty on petroleum products.

6. Export Promotion of Capital Goods Scheme (EPCG):
  • Power for extension in Export Obligation Period (EOP) or Block wise extension or condonation of delay in submission of installation certificate delegated to Regional offices of DGFT.
  • Shifting of capital goods allowed from one unit to other unit.
  • Clubbing has been allowed in respect of those authorizations where Export obligation period has been expired.
  • Negative list of item introduced under EPCG scheme (items notified under Appendix 5F cannot be imported under EPCG scheme).
  • May import and /or procure from bonded warehouse in DTA or from international exhibition held in India without payment of customs duty / IGST / GST compensation cess.
  • Restriction on limit on entitlement of DTA sale has been removed.
  • Inter unit transfer has been allowed on payment of applicable duty & taxes.
  • Goods exported and found defective /damaged or returned by the importer shall be allowed clearance by the Customs Authority.
  • Import of Second hand goods for the purpose of repair /refurbishing/ recondition/ reengineering have been made free.
  • Export of replacement goods has been eased for issuing export licence on replacement items which are restricted or in SCOMET list.
8. Enhanced value limit on Free of Cost (FOC) Exports
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