2. WHICH SCHEMES AMOUNT TO INCENTIVES?
All Duty Credit Scrips of Chapter 3 –
Old schemes - SFIS, SHIS, VKGUY, AIIS, FMS, IEIS, FPS, MLFPS
New schemes – MEIS and SEIS
EPCG Scheme
Interest Equalisation Scheme on Pre & Post Shipment Rupee Export Credit
(erstwhile Interest subvention scheme)
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3. MEIS & RODTEP
Merchandise Exports from India Scheme is popularly known as MEIS. MEIS is a duty scrip given as a reward by the
government to an exporter of goods. The value of the scrips is 2% to 5% of the FOB value of goods exported.
Merchandise Exports from India Scheme(MEIS) Single application for filing claim under MEIS for shipments from
different EDI Ports. Marking of Y in the EDI generated Shipping Bills by Exporters would be treated as declaration of intent
to claim MEIS benefit.
RoDTEP (Refund of Duties and Taxes on Exported Products) is a flagship export promotion scheme of the Commerce
Ministry of India. The scheme aims to refund to the exporters the embedded central, state and local duties and taxes paid
on inputs that were so far not refunded or rebated.
While the MEIS Scheme is an incentive in the form of physical, transferrable scrips used for payment of various components of
Customs duties, the RoDTEP Scheme is an electronic, transferable credit, which can be used for payment of only the Basic
Customs Duty.
Difference between Meis and RoDTEP
4. SEIS
Service Exports from India Scheme (SEIS) aims to promote export of services
from India by providing duty scrip credit for eligible exports.
Under the scheme, service providers, located in India, would be rewarded under
the SEIS scheme, for all eligible export of services from India
5. ELECTRONIC BANK REALIZATION CERTIFICATE
Electronic Bank Realization Certificate (BRC) or eBRC is issued by banks to the exporter for the purpose of claiming benefits
under the various schemes of the Foreign Trade Policy.
eBRC is initiative to promote paperless trade and the DGFT has created an electronic platform for Bank Realization Certificate.
Any firm applying for benefits under Foreign Trade Policy is required to furnish valid BRC as a proof of realisation of payment
against exports made. ... BRC details are keyed in into DGFT application.
Bank Realisation Certificate (BRC) is issued by a bank after realisation of export proceeds in the country. It is an important
document required for claiming benefits under various FTP schemes.
The eBRC module developed by DGFT enables electronic transmission of foreign exchange realisation from banks to DGFT
server.
GR WAIVER certificate is issued by your Forex bank for exporting goods under Non commercial invoice & for which the
consignment does not involve any transaction in foreign exchange. In short for exporting such goods you do not require to
release BRC as per the norms.
The term is used to denote an FIRC which is issued by a bank in EDPMS. An e-FIRC is issued in EDPMS after the Inward
Remittance (IRM) has been uploaded into EDPMS. IRM will be uploaded by the bank where the funds have been credited into
a customer's account.
6. FIRC (Foreign Inward Remittance Certificate) refers to a document which acts as a testimonial for all the inward
remittances entering to India. Most of the statutory authorities use this document as a proof that an individual has
received a payment in foreign currency from outside the country.
FIRC (Foreign Inward Remittance Certificate) is issued against any receipt of amount from foreign countries by a bank to
their customers. It can be an advance payment against export proceeds, ocean or airfreight, or remuneration or wages
under consultancy charges or for any other reasons.
