ANNOUNCEMENT 08 Dec 2009
In December 2009, the government of India announced a change in the tax legislation for exporters.
NUMBER OF INTERVENTIONS
Public Notice No. 24 / 2009-2014
On 8 December 2009, the Government of India vide Public Notice No. 24 / 2009-2014 removed the tariff sub-heading "Handloom: Other" from the coverage of the Focus Product Scheme, and introduced in its place the tariff sub-heading "Handloom: Casement".
The FPS grants eligible exporters with duty credit scrips worth upto the value of 2% FOB value of exports, which scrips may then be used to pay various dues to the government and, under some conditions, be transferred in the open market. The scheme was replaced the Merchandise Exports Incentive Scheme (MEIS) under the Foreign Trade Policy 2015-20.