Ministry of Commerce and Industry issues last date for submitting applications for scrip-based FTP schemes and validity period of duty credit scrips

Sep 17, 2021 | by Avantis RegTech Legal Research Team

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Finance & Taxation Compliance

The Ministry of Commerce and Industry on September 16, 2021 has issued Last Date for Submitting applications for Scrip based FTP Schemes and validity period of Duty Credit Scrips. 

The following in the Foreign Trade Policy 2015-20 are as follows: -

• In Paragraph 3.13A which specifies “Last Date of Submitting Applications for Scrip based Schemes” has been inserted. 

• In Paragraph 3.13B which specifies “Validity Period of Scrips”, namely: -

“In supersession of existing laid down provisions regarding validity of a Duty Credit Scrip in Handbook of Procedures (HBP) 2015-20, the new validity period of a Duty Credit Scrip issued on or after 16.09.2021 shall be 12 months from the date of issue, for scrip-based Schemes under chapter 3 and chapter 4 of the Foreign Trade Policy (FTP) 2015-20 or the earlier FTPs.”

Further, the validity of any scrip issued under FTP from the date of this Notification have been notified to be 12 months from the date of issue, in supersession of validity provisions in the Handbook of Procedures, 2015-20.

[Notification No- 26/2015-2020]

 


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