BANKING AFFAIRS

Detailed explanation-1: -MEIS was introduced in the Foreign Trade Policy (FTP) for the period 2015-2020. The MEIS was launched as an incentive scheme for the export of goods. The rewards are given by way of duty credit scrips to exporters.

Detailed explanation-2: -Merchandise Exports from India Scheme was launched with an objective to enhance the export of notified goods manufactured in a country. This scheme came into effect on 1 April 2015 through the Foreign Trade Policy and will be in existence till 2020.

Detailed explanation-3: -The Government has recently notified extension of the Foreign Trade Policy (FTP) 2015-2020 till March 31, 2022. The Foreign Trade Policy (FTP) 2015-2020 is a policy for the facilitation of foreign trade by reducing the cost and time of transaction and raising the competitive bar for Indian Exports.

Detailed explanation-4: -The new five year Foreign Trade Policy, 2015-20 provides a framework for increasing exports of goods and services as well as generation of employment and increasing value addition in the country, in keeping with the “Make in India” vision of our Hon’ble Prime Minister.