By TIOL News Service

NEW DELHI, MAY 06, 2016: Government has decided to extend the market coverage to all countries in respect of Merchandise Export from India Scheme (MEIS) 2787 lines.  Henceforth, Landing Certificates shall not be required under MEIS w.e.f. 04.05.2016. A Public Notice No.06 has been notified in this regard. Accordingly, revenue foregone under the scheme has been revised from Rs.21,000 crore per annum to Rs.22,000 crore per annum. This step has been taken as part of ease of doing business and reduction of Transaction Cost of the exporters.

The Merchandise Export from India Scheme (MEIS) was introduced in the Foreign Trade Policy (FTP) 2015-20 on April 1, 2015. MEIS aims to incentivize export of merchandise which are produced/manufactured in India. At the time of introduction of MEIS on April 1, 2015, the scheme covered 4914 tariff lines at 8 digit level. Countries of the globe were grouped into 3 market categories (Country Group A, Country Group B & Country Group C) for grant of incentives under MEIS. Slight changes in lines covered etc. were made on 14.07.2015 and 15.7.2015. Thereafter on 29.10.2015, 110 new Tariff Lines at 8 digit level were added under the scheme. The rates/country coverage for 2228 lines at 8 digit level were enhanced. As on date, 5012 Tariff Lines at 8 digit level are eligible for rewards under MEIS. The annual resource allocation under MEIS was enhanced from Rs.18,000 crore to Rs. 21,000 crore in October 2015. The MEIS Scheme covers 5012 tariff lines.