ANNOUNCEMENT 07 Sep 2009
In September 2009, the government of India announced a change in the tax legislation for exporters.
NUMBER OF INTERVENTIONS
Public Notice No. 07 / 2009-2014
On 7 September 2009, the Government of India, vide Public Notice No. 7 / 2009-2014, notified new product lines that are eligible for benefits under the Focus Product Scheme (FPS).
The FPS grants eligible exporters with duty credit scrips worth upto the value of 2% of the FOB value of exports. These scrips may then be used to pay various dues to the government and, under some conditions, be transferred in the open market.
The FPS has been replaced by the Merchandise Exports Incentive Scheme (MEIS) under the new Foreign Trade Policy 2015-20.