FinMin approves MEIS allocation of Rs 39K cr for FY20

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SME Times News Bureau | 12 Nov, 2020
The Finance Ministry has approved the allocation of Rs 39,097 crore under the Merchandise Exports from India Scheme (MEIS) for the exports made during FY 2019-20.

In an office memorandum, the Central Board of Indirect Taxes and Customs (CBIC), which comes under the Ministry's Department of Revenue, said that the MEIS allocation of Rs 15,555 crore for exports between April-December 2020 has also been approved.

"It may be ensured that the afore-stated allocations amount is utilised for issuance of duty credit scrips only for exports made during the respective period i.e. Rs 39,097 crore for FY 2019-20, Rs 10,555 crore for the period of April 1, 2020 to August 31 and Rs 5,000 crore for the September 1 to December 31, 2020," it said.

The ministry has also directed the Directorate General of Foreign Trade (DGFT) to limit issuance of MEIS scrips to Rs 16,000 crore during the current financial year.