Govt stops sops for export of soybean meal

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Published: November 2, 2019 8:51:59 AM

Sopa has taken up the matter with Union minister for commerce and industry Piyush Goyal with a request to issue necessary instructions to DGFT to release the MEIS scrips at 7% for all exports of soyabean meal.

soybean, soybean mealThe MEIS benefit was given in the foreign trade policy 2015-2020 and notified from time to time.

The director general of foreign trade (DGFT) has stopped giving Merchandise Export Incentive Scheme (MEIS) benefit for the export of soyabean meal with effect from August 1, 2019, and has deactivated the relevant link for online filing of claims. This is causing a huge loss to exporters, Soybean Processors Association of India (Sopa) has stated.

When approached, the DGFT office has said that MEIS claims for shipment from August 1 this year, which were blocked, can now be applied.

This applies to shipments from August 1 except for chapter 61, 62 and 63 and Harmonised System (HS) codes of soyabean seeds where 2% increase in MEIS was approved in November/December 2017 (which are still blocked awaiting government’s decision regarding rates).

The MEIS benefit was given in the foreign trade policy 2015-2020 and notified from time to time.

The last public notice dated December 5, 2017, in this regard notified MEIS benefit of 7% on soyabean meal (HS Code 2304) with effect from November 1, 2017, without an end date, making the benefit valid till the end of the current Exim Policy 2015-20, unless withdrawn earlier, Sopa executive director DN Pathak said.

Sopa has taken up the matter with Union minister for commerce and industry Piyush Goyal with a request to issue necessary instructions to DGFT to release the MEIS scrips at 7% for all exports of soyabean meal. The exporters of soyabean meal have factored in the 7% MEIS benefit while quoting their rates and a denial of the benefit to them at this time and retrospectively, would be wholly unjustified, as it would put them to irreparable financial losses, Pathak said, seeking the urgent intervention of the minister in this matter.

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