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MEIS is an Incentive Scheme introduced in the Foreign Trade Policy of India (2015-2020). Incentive schemes are schemes which entitle the exporters to duty credit scrips subject to various conditions. The main objective of MEIS is to reduce inefficiencies caused by lack of infrastructure and the costs incurred while export of goods or products, which are produced or manufactured in India, especially those having a high export capacity, a good potential of employment and thus boosting India’s export competitiveness.
It provides with a list of countries with ITC (HS) code wise list of products with reward rates in %. The benefit under this scheme ranges from 2% to 5% on FOB Value which depends on the country to which the goods are exported. The list of export categories/sectors which is ineligible for Duty Credit Scrip entitlement has been notified unless such categories/sectors are specially notified in Appendix 3B