The commerce ministry is working on a new World Trade Organisation (WTO)-compliant export incentive scheme for merchandise shipments to replace the existing MEIS, an official said.
Currently, exporters of goods avail incentives under the Merchandise Exports from India Scheme (MEIS). In this, the government provides duty benefits depending on product and country.
“The work is going on for the drafting of the new scheme, which will replace the existing MEIS. It will be finalised soon. It could be named as rebate of levies,” the official said.
The WTO is a Geneva-based 164 member body which frames rules and norms for global exports and imports. India is a member of this multi-lateral body since January 1, 1995. Read more