Consider the below statements with reference to Merchandise Exports from India Scheme MEIS 1 It seek...........

Economic Affairs Foreign Trade - Trends and Policy

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Consider the below statements with reference to Merchandise Exports from India Scheme (MEIS):

1. It seeks to promote export of notified goods manufactured/ produced in India.

2. It is implemented by the Ministry of Commerce and Industry.

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

Merchandise Exports from India Scheme (MEIS)
• Merchandise Exports from India Scheme (MEIS) seeks to promote export of notified goods manufactured/ produced in India.
• MEIS is a major export promotion scheme of GOI implemented by the Ministry of Commerce and Industry.
• The MEIS is the most popular incentive for exporters, under which identified sectors are given duty exemption scrips that are fixed at a certain percentage of the total value of their exports.
The scrips can be used to pay duties on inputs, including Customs duties.