ANNOUNCEMENT 26 Feb 2009In February 2009, the government of India announced a change in the tax legislation for exporters.
NUMBER OF INTERVENTIONS
Public Notice No. 151 (RE-2008) / 2004-2009
On 26 February 2009, the Government of India notified certain amendments to the Foreign Trade Policy 2004-09, vide Public Notice No. 151 (RE-2008) / 2004-2009. The notification enacts the following changes to the sectoral application of Indian export incentive schemes :
The various export incentives grant duty credit scrips, valued at a percentage of the FOB value of exports made, to exporters. Duty credit scrips may be utilized for payment of duty on specified imports, for payment of excise duty or service tax in certain situations, etc. The scrips are also transferable.
The implementation date has been set to 1 March 2009 as trade flows may only have been affected after the announcement.
The measure was replaced with the announcement of the new Foreign Trade Policy in May 2015.