ANNOUNCEMENT 01 Apr 2015
On 1 April 2015, the Indian Ministry of Commerce & Industry through Notification No. 01/2015-2020 notified the new Foreign Trade Policy (FTP) 2015-2020 replacing the earlier FTP of 2014-19. The main objectives of the FTP are to increase exports of goods and services, increase value addition in the country and generate employment. Below are listed the major amendments in the new FTP as compared to the old policy. Several schemes have been continued from the old policy to the new and can referred to in the linked policy document.
On 31 March 2020, the Ministry of Commerce and Industry announced that the existing Foreign Trade Policy 2015-2020, which was to expire on 31 March 2020, will be extended till 31 March 2021.
NUMBER OF INTERVENTIONS
11
SOURCE
Foreign Trade Policy (Notification No. 01/2015-2020)
http://dgft.gov.in/exim/2000/ftp2015-20E.pdf
Highlights of the Policy
http://dgft.gov.in/exim/2000/highlight2015.pdf
MEIS Public Notice No. 2/2015-20
http://dgft.gov.in/Exim/2000/PN/PN15/pn0215.pdf
SEIS - Public Notice No. 3/2015-20
http://dgft.gov.in/Exim/2000/PN/PN15/pn0315.pdf
SEIS extension - Public Notice No. 42/2015-20
http://dgft.gov.in/exim/2000/PN/PN15/PN4215.pdf
SEIS extension - Public Notice No. 3/2015-2020
http://dgft.gov.in/Exim/2000/PN/PN17/PN0318.pdf
Trade Notice: 03/ 2020-21 (15 April 2020)
https://dgft.gov.in/sites/default/files/Trade%20Notice%2003%2015%20April%202020.pdf
On 1 April 2015, the new Foreign Trade Policy 2015-2020 was announced which amended the export authorization period on SCOMET goods.
Under the Indian Foreign Trade Policy, the exports of SCOMET (Special Chemicals, Organisms, Materials, Equipment, and Technologies) products are restricted and an Authorization has to be obtained for the same. In the new Trade Policy 2015-2020, the authorization period for the export of SCOMET goods has been extended from 12 months to 24 months.
On 31 March 2020, the Ministry of Commerce and Industry announced that the existing Foreign Trade Policy 2015-2020, which was to expire on 31 March 2020, will be extended till 31 March 2021.
AFFECTED SECTORS
AFFECTED PRODUCTS
On 1 April 2015, India announced the new Foreign Trade Policy 2015-2020 which has made the following amendments for supporting export clusters and units -
On 31 March 2020, the Ministry of Commerce and Industry announced that the existing Foreign Trade Policy 2015-2020, which was to expire on 31 March 2020, will be extended till 31 March 2021.
On 1 April 2015, the new Foreign Trade Policy 2015-2020 was announced. The new Policy includes an overhaul of the Indian export incentive system. Effective 1 April 2015, the various export incentive instruments are unified under a single new instrument, the Merchandise Export Incentive Scheme (MEIS). The MEIS simplifies the export incentive system and removes the conditions applied in previous variants. The common feature of the prior incentive schemes was that they came in the form of a "duty scrip". Under these instruments, exporters would earn duty scrip proportional to the FOB value of their exports. Exporters could use said scrip to offset tax expenditures in other areas. The destination countries and products for which such scrip was available depended on the exact program. Under the MEIS, no such conditions apply.
In its original form, notified via Public Notice 2, the MEIS includes more than 4'900 products. The incentive available for each product depends on the export destination. To this end, the world is split into three country groups (A, B and C). Group A includes the European Union members plus the United States. For those destinations, MEIS includes incentives for a total of 3973 products. The HS codes included in this intervention refer to products eligible for export incentives to these countries. Please see the further interventions under this state act for details on the incentives to the other country groups.
On 31 March 2020, the Ministry of Commerce and Industry announced that the existing Foreign Trade Policy 2015-2020, which was to expire on 31 March 2020, will be extended till 31 March 2021.
On 15 April 2020, the Ministry of Commerce and Industry notified through Trade Notice 03/2020-21 that the benefits under the MEIS scheme will be available until 31 December 2020, unless the incentive on the product is replaced by the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme.
On 1 April 2015, the Indian Ministry of Commerce and Industry announced the new Foreign Trade Policy 2015-2020 and within it introduced the Merchandise Exports Incentive Scheme (MEIS) for providing incentives on exports of goods.
In its original form, notified via Public Notice 2, the MEIS includes more than 4'900 products. The incentive available for each product depends on the export destination. The destination group B includes 139 countries. For countries in this group, MEIS includes export incentives for a total of 4352 products. The HS codes included in this intervention refer to products eligible for export incentives to these countries. Please see the further interventions under this state act for details on the incentives to the other country groups.
Group B consists of Algeria, Angola, Antigua, Argentina, Armenia, Azerbaijan, Bahamas, Bahrain , Barbados, Belarus, Belize, Benin, Bermuda, Bolivia, Botswana, British Virgin Islands, Brazil, Brunei, Burkina Faso, Burundi, Central African Republic, Cambodia, Cameroon, Canary Island, Cape Verde Island, Cayman Island, Chad, Chile, China PRP, Colombia, Comoros, Congo Democratic Republic, Congo Republic, Costa Rica, Cote D' Ivoire, Cuba, Djibouti, Dominic Rep, Dominica, Ecuador, Egypt , El Salvador, Equatorial Guinea, Ethiopia, Falkland Island, French Guiana, Gabon, Gambia, Georgia, Ghana, Grenada, Guadeloupe, Guatemala, Guinea, Guinea Bissau, Guyana, Haiti, Honduras, Indonesia, Iran, Iraq, Israel, Jamaica, Japan, Jordan, Kazakhstan, Kenya, Korea Republic South Korea , Kuwait, Kyrgyzstan, Lao PDR, Lebanon, Lesotho, Liberia, Libya, Madagascar, Malawi, Malaysia, Mali, Martinique, Mauritania, Mauritius, Mexico, Moldova, Montserrat, Morocco, Mozambique, Myanmar, Namibia, Netherland Antilles, Nicaragua, Niger, Nigeria, Oman, Panama Republic, Paraguay, Peru, Philippines, Qatar, Reunion, Russia, Rwanda, Sao Tome, Saudi Arab, Senegal, Seychelles, Sierra Leone, Singapore, Somalia, South Africa, St Helena, St Kitt N A, St Lucia, St Vincent, Sudan, Suriname, Swaziland, Syria, Taiwan, Tajikistan, Tanzania Republic, Thailand, Togo, Trinidad, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, United Arab Emirates, Uganda, Ukraine, Uruguay, Uzbekistan, Venezuela, Vietnam Socialist Republic, Virgin Island US, Yemen Republic, Zambia, and Zimbabwe.
On 31 March 2020, the Ministry of Commerce and Industry announced that the existing Foreign Trade Policy 2015-2020, which was to expire on 31 March 2020, will be extended till 31 March 2021.
On 15 April 2020, the Ministry of Commerce and Industry notified through Trade Notice 03/2020-21 that the benefits under the MEIS scheme will be available until 31 December 2020, unless the incentive on the product is replaced by the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme.