The Merchandise Exports from India Scheme (MEIS) is an export incentive scheme instigated with an objective to promote the export of goods from India. Under this scheme, exporters gain rewards to offset inefficiencies and associated costs. These incentives range from 2%- 7% of the FOB (Free- On-Board) value of exports for the notified/specified products by the DGFT.
The products having higher export intensity, the ability for employment generation in the country, and enhancing the competitiveness of Indian goods in the global market are focused under MEIS Scheme.
Under the MEIS Scheme, incentives can be claimed through a Duty Credit Scrip or MEIS License that can be used as a mode of payment for import duties or be sold at premium rates in the open market.
There are five schemes merged under the MEIS Scheme: Focus Market Scheme, Focus Product Scheme, Vishesh Krishi Gramin Udyog Yojana, Market Linked Focus Product Scheme, Agri Infrastructure incentive scheme under Foreign Trade Policy (FTP) 2009-14. This replacement resulted in the removal of various kinds of restrictions and significantly increased the scope of export incentive schemes existing in earlier FTP.
Benefits that weren’t permitted for exports under the Special Economic Zone (SEZ) under the previous export incentive schemes, can now be claimed with the MEIS Scheme. These benefits can be availed by the exporters upon the goods eligible as per Appendix 3B.