NEW DELHI: Hailing the Union Cabinet’s approval of implementation of Supreme Court’s judgment regarding Target Plus Scheme, Mr Ganesh Kumar Gupta, President, Federation of Indian Export Organizations (FIEO) said that it was big day for exporters who were fighting for this legitimate benefit for a long time. Mr. Gupta said that this a very encouraging decision of the Government which will provide relief to exporters in their export efforts.
The FIEO Chief explained that the Target Plus Scheme was introduced in 2004-2009 Foreign Trade Policy and the Scheme provided for duty credit of 5%, 10% or 15% of FOB value for exporters who achieved a quantum growth in exports of over 20% or 25% or 100% over last year export figures. He added that the scope of benefit under the Scheme was narrowed after it was implemented and affected exporters were compelled to move to Court arguing that the new provisions could not be applied retrospectively.
Mr Gupta said that the Hon’ble Supreme Court decided in favor of the exporters and held that the Government’s decision to remove certain products from the Scheme and reduction in rates to 5% from the earlier 5, 10 & 15% could not be applied retrospectively and they would be effective only from the date of issue.