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Kolkata, Dec 28 : The commerce ministry is facing a dead lock with the Target Plus Scheme (TPS) after a division bench of the Mumbai High Court directed the Union government early this week to accept all applications made by exporters without giving effect to a notification issued by the DGFT in June this year.
The DGFT notified that the duty free credit under the TPS would be brought down to 5% uniformly with effect from April 2004 to March 2006, against duty free credit of 5%, 10% and 15% of the ‘free on board’ (FOB) value for an incremental growth of over 20%, 25% and 100% respectively.
The commerce ministry declared that the scheme would be abolished from April 2006. However, with the Mumbai HC giving such directives the exporters are awaiting a fresh review of the TPS.
Director general of Foreign Trade, BS Meena however refused to comment on the issue.
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