Minister of Commerce & Industry Smt. Nirmala Sitharaman released the much awaited Foreign Trade Policy - 2015-20
The Major highlights are given below for your ready reference:
1. Merchandise Export from India Scheme (MEIS) : A New Scheme introduced in place of existing (five) Chapter 3 Schemes.
2. The benefit under MIES will be determined based on Exporting Product and Exporting Country divided in various Groups. The benefit will range between 2% to 5% of FOB Value of Exports.
3. Served From India Scheme (SFIS) is being replaced by a New Scheme - Services Export from India Scheme (SEIS)
4. All Service Providers of Notified Services located in India will be eligible for the benefits regardless of their constitution or profile of service provider.
5. The SEIS benefit of 3% or 5% will be based on Net Foreign Exchange Earned.
6. The Duty Credit Scrips issued under both MEIS and SEIS will
a. without any actual user condition
b. Freely Transferable
c. No longer restricted for any specified types of goods.
d. Can be used for payment of Customs Duty /Excise Duty/Service Tax
7. The units in SEZ will also be allowed to claim incentive under MIES and SIES Schemes.
8. The Nomenclature of Status Holder Scheme has been changed to One, Two, Three, Four and Five Star Export House.
9. The Criteria for Export performance for the recognition of status holder have been also changed from Rupees to US Dollar. The Minimum Export Performance in FOB Value during current and previous 2 Years is now 3 Million USD.
10. Manufacturer Status Holders will now enabled to Self Certify Country of Origin from India to qualify under various PTA, FTA, CECAs and CEPAs
11. To Boost "Make in India" Specific Export Obligation under EPCG will be reduced to 75% if goods are procured from domestic capital goods manufacturer.
12. Hard Copies of CA /CE / CS Certificates will not be required for various application. Online Upload facility of its soft copy will be made available in the new Online Application Process for Chapter 3 & Chapter 4 Schemes.
13. Document Records of EPCG Authorisation will now be required to be maintainedonly for 2 Years after redemption.
14. A facility has been created to upload documents in Exporter Importer Profile which will hold copies of IEC, PAN, RCMC, Industrial Licence etc.. Once uploaded, No separate submission of these copies will be required with each application.
15. Communication with Exporter/Importer will be done through SMS/Email and thus mandatory fields like mobile no. and email address will be added in the IEC data base.
16. Application of refund of TED will now be made online.
17. EOUs, EHTPs, STPs have now been allowed
a) Share Infrastructural facilities among themselves
b) Inter unit transfer of goods and Services
c) To set up facility of Warehouses near the port of export.
18. Goods falling in the category of handloom products, books/periodicals, leather footwear, toys and customized fashion garments, having FOB Value upto Rs. 25,000/- per Consignment (finalized using e-commerce platform) shall be eligible for benefits under FTP.
19. e-Commerce Exports will allowed to be done under Manual Mode through Foreign Post Offices at New Delhi, Mumbai and Chennai and under Courier Regulations through Airports at Delhi, Mumbai and Chennai Only.
20. A New Chapter is introduced to resolve Quality Complaints and Trade Disputes. A Committee on Quality Complaints and Trade Disputes (CQCTD) is being constituted.
21. Vishakhapatnam and Bhimavaram in Andhra Pradesh are to be recognised as towns of export excellence for product category - Seafood.
22. New ANF & Appendices have also been notified along with the new FTP.
Please note that specific Application, procedures and documentation will have to be prepared, applied and submitted as defined under the New FTP and Handbook of Procedures to avail of any of the said benefits under the new FTP.
The Official Highlights of the NEW FTP is available on the below link:
(Highlights of the FTP 2015-20)
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