MEIS - claim under Vostro account in INR

[Guest]

SEZ development commissioner is refusing to give MEIS for exports made under vostro account in INR. A bank certificate also submitted stating that the amount received from Vostro account and the same is also endorsed on e-BRC.

[YAGAY andSUN]

Please check para 2.52 of the FTP 2015-2020 Mid Term Review in this connection.

[Kishan Barai]

Yes, you will get.

[Guest]

We also know that we will get MEIS but the Development Commissioner is refusing.Is their any NOTIFICATION avaialble from DGFT which clarly states that MEIS is eligible if payment received through Vostro account.

[YAGAY andSUN]

Sorry We could not find out any such Notification. However, you may approach to DGFT and represent your matter to him.

[Kishan Barai]

Kindly understand, words written on FTP should be considered as words written on stone.

If FTP permits payment realization in INR via Vastro Account, no one can challenge / obstruct incentives.

Moreover we ask counter question that can any one provided nortification / circular stating that MEIS would not be given if payment realization in INR ??

Please try to understand that MILIND MUNGIKAR Ji & please ask counter question to customs / DGFT.

[KASTURI SETHI]

There is an iota of doubt after crystal clear replies by both experts. No requirement of notification or circular in this context.

AI Summary

MEIS eligibility for exports with payment realized in INR via vostro account affirmed as permissible under FTP provisions. Eligibility for MEIS where export proceeds are realized in INR via a vostro account is supported by the Foreign Trade Policy provision permitting INR realization through such accounts; submission of a bank certificate and e-BRC endorsement evidencing receipt should satisfy documentary requirements, and no separate notification is required to validate claims, although exporters may need to represent to the trade authority when administrative refusal occurs.