New Delhi, April 1 (KNN) Commerce Minister Nirmala Sitharaman  today unveiled the foreign trade policy (FTP) for five years from 2015 to 2020 launching two new schemes - Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS).
 
Under MEIS- which replaces five export promotion schemes under operation till now, a specific value of CENVAT/ Drawback Scrips shall be payable as percentage of realized FOB value (in free foreign exchange).
 
These scrips would be fully transferable and could be used to pay imports duties. The debits towards basic customs duty in the transferable reward duty credit scrips would also be allowed adjustment as duty drawback.
 
Similarly for exports of services the rate of reward under SEIS would be based on net foreign exchange earned. The reward issued as duty credit scrip, would no longer be with actual user condition and will no longer be restricted to usage for specified types of goods but be freely transferable and usable for all types of goods and service debits on procurement of services / goods.
 
Unveiling the policy, the Minister said that the new policy would boost exports and create jobs while supporting the Centre's 'Make In India' and 'Digital India' programmes.
 
The Policy also announced reduction in Export obligation under the export promotion capital goods scheme by 25% to promote domestic manufacturing.(KNN Bureau)