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Above 150 High Tech Products get Focus Product Scheme (FPS) Benefit

During the Foreign Trade Policy (FTP) announcements on 18th April, 2013, the Union Commerce & Industry Minister Shri Anand Sharma had mentioned that export of High Tech Products would be incentivised and it would be separately notified. In pursuance of this objective, a Task Force was set up under the Chairmanship of Shri Rajiv Kher, Additional Secretary in Department of Commerce (DoC) to study the list of items eligible for such benefit under Focus Product Scheme (FPS). Commerce & Industry Minister Shri Anand Sharma also convened a meeting with leading Chambers of Commerce & Industry and Export Promotion Councils on 1st July, 2013 for inviting suggestions in this regard as also for increasing India™s exports. The Export Promotion Councils and Chambers of Commerce & Industry were asked to submit their suggestions by 5th July, 2013.

The report of the committee and suggestions received from Chambers of Commerce & Industry and Export Promotion Councils have been analysed by Department of Commerce (DoC) and it has been decided to include above 150 products under Focus Product Scheme (FPS) for incentive @ 2% of the FOB value of exports. Items from Engineering / Electronics, Chemical and Pharma sector have been covered under this list. Such benefits will be admissible for exports made w.e.f. 15.8.2013. This list is being notified separately by DGFT.

Tags: Anand SharmaChamber of commerceExportIndiaMinister of Industry (Canada)Shri Anand SharmaTask ForceUnited States Department of Commerce

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eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Comments

  1. Shikha says:

    Very Nice…………

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