ANNOUNCEMENT 23 Jan 2014
In January 2014, the government of India announced a change in financial export support.
NUMBER OF INTERVENTIONS
On 23 January 2014, the Ministry of Commerce and Industry allowed exports of cotton yarn for benefits under the Incremental Exports Incentivisation Scheme (see related state act) for the financial year 2013-14. Such benefits were earlier disallowed on 25 September 2013 (see related state act).
The IEIS is part of the Indian Foreign Trade Policy 2009-2014 and is amended on an annual basis. Under this scheme, an exporter is entitled a 2% duty credit scrip for any export growth realized in the given year as compared to the previous year. A duty credit scrip is a certificate that can be used to pay taxes and duties. The scheme covers exports to the USA, Europe, Asia and 53 countries in Latin America and Africa.
The FTP 2009-14 was replaced by the Foreign Trade Policy 2015-20 from 1 April 2015, wherein the IEIS has been excluded.