AEPC has welcomed the increase in the rates of Merchandise Exports from India scheme (MEIS) to 4 per cent of value of exports. As per a government notification, the new MEIS rates are effective from 01.11.2017. Commenting on the increase in MEIS rates, AEPC Chairman, Ashok Rajani said “We welcome the increase in the rates of Merchandise Exports from India scheme (MEIS) and would like to thank the government this initiative. The enhancement in MEIS rates will help in the fulfilment of orders for the Christmas festival as it will result in easing the blocked capital. It will help in the mitigation of the currency difference to some extent. However the Industry is disappointed over the announcement of the RoSL as the rate is far below than what the Industry has recommended and there has been no consideration of the central taxes rebate in the announcement. The Industry is witnessing a slowdown with jobs being lost and buyers migrating due to high cost. Once the buyers find alternate resources it becomes difficult for us to get them back. Therefore it is our humble submission to the government to urgently restore the previous rates of RoSL and Duty drawback”.
