Commerce Ministry: Value limit for exports through courier service/post increased to Rs 5 lakh per consigment
An exporter can now ship goods worth Rs 5 lakh through courier service or post as against the earlier limit of Rs 25,000 per consignment, according to the commerce ministry.
"The value limit for exports through courier service/post has been placed at Rs 5 lakh and the eligibility criteria for entitlement under MEIS for courier/post exports have been increased to Rs 5 lakh per consignment from the earlier Rs 25,000 per consignment," the Directorate General of Foreign Trade said in a notification.
It added that the limitation on the port of exports for courier shipments for the purpose of incentivization under MEIS has been done away.
The Federation of Indian Export Organisations (FIEO) said that the move would help promote overseas shipments of products such as jewelry through courier and post.
Under the merchandise Export from India Scheme (MEIS), the government provides duty credit scrip to exporters. The rates vary from product to product and the export destination, as envisaged in the foreign trade policy.
Rewards under the scheme are payable as a percentage of realized free-on-board value and MEIS duty credit scrip can be transferred or used for payment of a number of duties including the basic customs duty.
Export Promotion Council for Handicrafts said that the initiative will encourage exporters to adopt technology for shipments.
"With the enhancement of the limit, the handicrafts exporters who are doing business through e-commerce will be benefited and many more will be encouraged to follow them," the council said in a statement.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)