The Soybean Processors Association of India (SOPA) has urged the commerce and industry minister Piyush Goyal to immediately issue necessary instructions to DGFT to release the MEIS scrips at 7per cent for all exports of soybean meal and save the exporters.

From August 1, DGFT has stopped accepting MEIS applications for soybean meal and deactivated the relevant link for online filing of claims. When approached, DGFT office has given the following reply: The MEIS benefit was given in the Foreign Trade Policy 2015-2020 and notified through a public notice from time to time. The last public notice No. 44/2015-20 dated 5th December, 2017 in this regard notified MEIS benefit of 7 per cent on soybean meal (HS Code 2304) with effect from 1.11.2017, without an end date, making the benefit valid till the end of the current Exim Policy 2015-20, unless withdrawn earlier.

The exporters of soybean meal have factored in the 7 per cent MEIS benefit while quoting their rates and a denial of the benefit to them at this time and retrospectively would be wholly unjustified, as it would put therm to irreparable financial losses.

Source: economictimes.indiatimes.com