Home / Knowledge / News / Apparel/Garments / Texprocil hails amendments in IEIS and MEIS
Texprocil hails amendments in IEIS and MEIS
09
May '16
The Cotton Textiles Export Promotion Council (Texprocil) has welcomed the government's decision to amend the Incremental Exports Incentivization Scheme (IEIS) and the Merchandise Exports from India Scheme (MEIS).

The Government removed the restriction under IEIS last week.

“The decision of the Government to issue duty credit scrips under the IEIS without any restriction will certainly improve the cash flow of the exporters,” Texprocil Chairman R.K. Dalmia said in a statement.

IEIS for the last quarter 2012-13 was introduced on December 28, 2012. The scheme extended a duty credit scrip of 2 per cent on the incremental growth in exports during the period from January 1, 2013 to March 3, 2013 as compared to the period from January 1, 2012 to March 31, 2012 on the FOB value of exports to the US, EU and Asian countries. Subsequently, DGFT issued a notification in September 2013 restricting the entitlement under the scheme to 25 per cent growth or incremental growth of Rs.10 crores in value, whichever is less. Many of the exporters were affected because of this restriction which was not there in the original scheme, Dalmia pointed out.

He also complimented the Government for including exports of Made ups falling under chapter 63 to Group C countries under MEIS through a notification last week.

“This will promote exports of Made ups to countries like Australia and New Zealand which falls under group C of the MEIS,” Dalmia said.

According to the notification, landing certificates henceforth, shall not be required under the MEIS. Dalmia pointed out that exporters faced difficulty in getting landing certificates from the shipping companies besides incurring costs.

The exemption of landing certificates has come as a huge relief to the exporters and would certainly reduce the transaction costs for the exporters, the Texprocil Chairman said. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Apparel/Garments | On 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Textiles | On 23rd May 2017

Grasim's VSF business net revenue up 12% in Q4 FY17

The viscose staple fibre (VSF) business of Grasim Industries has...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search