Thursday, April 05, 2018

Economics Special: Merchandise Exports from India Scheme (MEIS)

It seeks to promote export of notified goods manufactured/ produced in India.

  • MEIS is a major export promotion scheme of GOI implemented by the Ministry of Commerce and Industry.
  • MEIS was introduced through the Foreign Trade Policy (FTP) 2015-20.
  • MEIS is result of major consolidation and simplification: Earlier there were 5 different schemes for rewarding merchandise exports with different kinds of duty scrips (a form of credit) with varying conditions attached to their use. Now all these schemes have been merged into a MEIS.
  • Duty credit scrips are freely transferable and usable for payment of custom duty, excise duty and service tax.
  • Incentives under MEIS are available to units located in SEZs also.