- We are leading trader of EXIM SCRIPS all over India.
- The replenishment licenses were replaced by a new instrument called EXIM scrip. EXIM scrips were to be the means of obtaining access to certain categories of imports of raw materials, components and spares. They were issued on the basis of value of exports of foreign exchange (NFE) earnings from exports.
- The basic rate at which EXIM scrips were issued was 30% of f.o.b. value except for certain products such as gems and jewelry, handicraft, newspapers as also certain value added agricultural products, electronics and imported products etc. which were en titled to an additional 10 percentage points.EXIM scrips were to be freely tradable and were to be issued only after exports proceeds had been realised.
- Since June, 1991, the Government has initiated a series of trade policy changes with a view to integrating the Indian economy better with the rest of the world. The value of the rupee was adjusted downward by about 20 percent in July, 1991. This was followed by a liberalisation of the foreign trade regime through some reduction in the quantitative restrictions. The import policy regime was revamped by shifting a significant number of items outside the purview of import licensing. Exporters were given entitlements equal to 30 to 40 percent of their export earnings in the form of EXIM Scrips against which even restricted items were allowed to be imported. Alongwith these, the Government dispensed with a number of export-incentives including the cash compensatory support to exports. As a first step towards a gradual reduction in the tariffs, the Union Budget for 1991-92 reduced the maximum rate of import duty from more than 300 percent to 150 percent.
Within eight months of introducing these trade policy changes, the Government initiated another set of policy changes in the areas of trade and transborder capital flows coinciding with the Union Budget for 1992-93, these changes being more far reaching than the ones initiated in July 1991. The EXIM scrip scheme was replaced by a system of partial convertibility of the rupee on the current account of the balance of payments. Under the new system, all foreign exchange remittances, whether earned through exports of goods and services or remittances, can be converted into rupees in the following manner: 40% of the foreign exchange remitted can be converted at the official exchange rate while the remaining 60% at a market determined rate.The foreign exchange surrendered at the official exchange rate will be available to meet the foreign exchange requirements of essential imports such as petroleum and oil products, fertilisers, defence and life saving drugs. All other imports, except for a "negative" list are freely importable provided the foreign exchange for these imports are obtained from the market. Similarly,the foreign exchange required for other payments on private account including travel, debt service payments, dividends, royalties and other remittances will have to be obtained at the market rate. In another significant step, to arrest the diversion of foreign exchange to illegal channels, the Government has legalised the import of gold. Returning Indians and NRIs are now allowed to import 5 kilograms of gold per passenger with a modest import duty. Along with this, the Government hasintroduced a Gold Bond Scheme, with a view to help mobilise the idle gold reserves of the country to supplement officialreserves.
- Nowadays EXIMSCRIPS are also known as MEIS (Merchandise Exports from India Scheme ) .To know more about MEIS click here.
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