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RoDTEP (Remission of Duties or Taxes on Export Product) scheme.
March 16 , 2020
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- The Union Cabinet approved to withdraw the MEIS (Merchandise Export from India) Scheme in phases.
- It is later to be replaced with RoDTEP (Remission of Duties or Taxes on Export Product) scheme.
- The MEIS is being replaced as the exports are to fall further due to Corona Virus outbreak.
- The RoDTEP is compliant with WTO (World Trade Organization) norms.
- The RoDTEP is a scheme for exporters to reimburse their taxes and duties.
- The MEIS scheme offers export incentives between 2% and 5%.
- It was introduced under the Foreign Trade Policy of India (FTP 2015-20).
- The aim of MEIS scheme is to make Indian products competitive at the Global market.
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