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TEXPROCIL welcomes amendments in IEIS & MEIS

The government’ decision to remove restriction under the Incremental Exports Incentivisation Scheme (IEIS) has been welcomed by R K Dalmia, Chairman, The Cotton Textiles Export Promotion Council (TEXPROCIL). Dalmia feels the decision of to issue duty credit scrips under the IEIS without any restriction will certainly improve the cash flow of the exporters.

IEIS for the last quarter 2012-13 was introduced vide DGFT Notification No. 27 dated 28.12.2012. The scheme extended duty credit scrip of two per cent on the incremental growth in exports during the period from January 1, 2013 to March 31, 2013 as compared to the period from January 1, 2012 to March 31, 2012 on the fob value of exports to the US, EU and Asian countries. Subsequently, DGFT issued a Notification in September 2013 restricting the entitlement under the scheme to 25 per cent growth or Incremental growth of Rs.10 crore in value, whichever is less. Many of the exporters were affected because of this restriction which was not there in the original scheme, pointed out Dalmia.

Dalmia also complimented the government for including exports of made ups falling under chapter 63 to Group C countries under the Merchandise Exports from India Scheme (MEIS). According to him, this will promote exports of Made ups to countries like Australia and New Zealand which falls under group C of the MEIS.