A limit on total reward under Merchandise Exports from India Scheme (MEIS) has been imposed with a reward cap of INR . 2 crore/ Importer Exporter Code from September 1 to December 2020, announced Piyush Goyal, Union Minister of Railways, Commerce and Industry.
The Merchandise Exports from India Scheme (MEIS) is the government’s biggest exports promotion scheme.
As per a Commerce Department notification, all benefits under the Merchandise Exports of India Scheme (MEIS) will cease from January 1, 2021, thus confirming the end date of the scheme.
A notification issued by the Ministry of Commerce and Industry stated that, “The total reward which may be granted to an IEC holder under the Merchandise Exports from India Scheme (MEIS) shall not exceed Rs 2 crore per IEC on exports made in the period September 1, 2020, to December 31, 2020.”
Thus,any IEC holder who has not made any export with LEO date during the period September 1, 2019 to December August 31, 2020 or any new IEC obtained on or after September 1, 2020 would not be eligible for submitting any claim for benefits under MEIS for exports made with effect from September 1, 2020 –the notification read.
This ceiling may be subject to a further downward revision for ensuring that the total claim under the Scheme for the period (September 1, 2020 to December 31, 2020) does not go beyond the allocation prescribed by the Government, which is Rs 5,000 crore.
Benefits under MEIS shall not be available for exports made with effect from January 1, 2021