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DGFT does away with issue of MEIS/SEIS scrips in physical form

Updated: Jan 16, 2019 09:45:22am
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DGFT does away with issue of MEIS/SEIS scrips in physical form

New Delhi, Jan 16 (KNN) The Directorate General of Foreign Trade (DGFT) has made it mandatory to record information on DGFT website about transfer of MEIS/SEIS Scrips issued from January 14, 2019 onwards for EDI ports only.

DGFT said in order to improve ease of doing business, it is being planned to discontinue issue of MEIS/SEIS scrips in physical form.

“For this purpose, it is important to have information about the current owner of the scrip online so that the current owner only can be allowed to use the scrip for duty payment by Customs Authorities,” said DGFT.

For this, the DGFT has created a facility on its website to record the information about transfer of scrip.

Before it is decided to discontinue with physical issue of scrip, it is planned that each transfer of every scrip should be mandatorily recorded on this DGFT facility, and Customs Authorities will check the ownership information of the scrip, before the owner is allowed to use the scrip for payment of duty, it added.

In this regard, the transfer of MEIS/SEIS scrips, which have been issued on or after 14.1.2019, for EDI ports only, will have to be mandatory recorded on the DGFT website.

DGFT, however, said that no simultaneous transfer of scrip to more than one firm will be allowed.

Difficulties, if any, in implementation of these provisions may please be brought to the notice of this Directorate immediately, the directorate said. (KNN Bureau)

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