Centre to release over Rs 56k cr as dues for all pending export incentives

The Centre has decided to release Rs 56,027 crore as dues for all pending export incentives in FY22.

The amount includes claims relating to schemes such as MEIS, SEIS, RoSL, RoSCTL amongst others relating to earlier policies and the remission support for RoDTEP and RoSCTL for exports made in the fourth quarter of FY21.

In a statement, the Commerce & Industry Ministry said the benefits would be disbursed to more than 45,000 exporters, out of which about 98 per cent are small exporters in the MSME category.

“This amount is over and above duty remission amount of Rs 12,454 crore for the RoDTEP scheme and Rs 6,946 crore for RoSCTL scheme already announced for exports made in this year (FY22),” it said.

“Exports in India have seen robust growth in recent months. This decision to clear all pending export incentives within this financial year, will lead to even more rapid export growth in coming months.”

According to the ministry, export claims relating to earlier years will need to be filed by December 31, 2021, beyond which they will become time barred.

“The online IT portal will be enabled shortly to accept ‘MEIS and other scrip based applications’ and would be integrated with a robust mechanism set up by Ministry of Finance to monitor provisioning and disbursement of the export incentives under a budgetary framework.”