Stock advisory Company, Pepper trade seeks 5% MEIS only on net export earnings
The Indian Pepper and Spice Traders, Producers, Planters Consortium (IPSTPC)-Kerala Chapter have urged the Union Commerce minister Suresh Prabhu that the Merchandise Export from India Scheme (MEIS) for imported raw material should be given only to the extent of their net export earnings and not on the entire value of export.
The Consortium claimed that importers are entitled to the benefit of MEIS 5 percent from the Centre on the entire value of export which is 115 percent minimum, while 100 percent value is already drained out from the country when they imported cheap raw material spices including pepper.
“Thus, the Centre is providing subsidy or incentive to the import value as well, which in turn goes to the farmers, growers, planters of other pepper producing countries,” said Kishor Shamji Kuruva, Head of IPSTPC Kerala Chapter.
In fact, this practice is already in vogue in the Spices Board while selecting exporters for an export achievement award. The eligibility of each exporter for being considered for the award is based on the net export value, after deducting the value of imports, he said. Similarly, the Centre should also follow this criterion when it gives away MEIS benefit to these exporters, he said.
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