Mandatory recording of information on DGFT website about transfer of MEIS/SEIS Scrips issued from 14th January, 2019 onwards

Mandatory recording of information on DGFT website about transfer of MEIS/SEIS Scrips issued from 14th January, 2019 onwards

January 19, 2019 Fiscal, Industries, states 0

Directorate General of Foreign Trade (DGFT) has issued Trade Notice No. 42/2015-20 to inform about the mandatory recording of the information of transfer of MEIS/SEIS scrips, which have been issued on or after 14th day of January, 2019, for EDI ports only, on the DGFT website (www.dgft.gov.in).

According to the Trade Notice, DGFT is planning to discontinue the issuance of MEIS/SEIS Scrips in physical form and to have the information of the current MEIS Scrip holder online so that the scrip holder can use the scrip for duty payment, by Customs Authorities.

Therefore, a facility has been created on DGFT website to record the information about transfer of scrip, before discontinuing with the physical issue of scrip. It has also been decided that each transfer of every scrips should be mandatorily recorded on this DGFT facility, and Customs Authorities will check the ownership information of the scrip, before the owner is allowed to use the scrip for payment of duty.

MEIS/SEIS scrip owner shall continue to ‘transfer’ the scrip to another IEC firm/company in the same manner as was being done by them earlier i.e. as per the negotiated terms & conditions between the buyer and the seller. However, the information about the new owner (transferee) has to be recorded on the DGFT website by the current owner (transferor), before the new owner (transferee) can utilise the scrip. Thus, it is very important for both transferor and transferee to ensure that information regarding transfer is recorded by the transferor. After the information is recorded on the DGFT website, the old owner cannot record further transfer, and only the new owner can record any further transfer

Detailed procedure for recording of transfer of MEIS/SEIS scrips is mentioned in the Annexure to the attached Trade Notice.

Source: Directorate General of Foreign Trade

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