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TMI BlogImplementation of the Hon'ble Supreme Court's Judgment dated 27th Oct 2015 in Civil Application No. 554 of 2006 with regard to Target Plus Scheme (TPS) Scrips for the exports made in the year 2005-06 over 2004-05X X X X Extracts X X X X X X X X Extracts X X X X ..... Background: Target Plus Scheme as a part of Foreign Trade Policy was announced on 31.08.2004 w.e.f. 01.04.2004. The objective was to accelerate growth in exports by rewarding Star Export Houses with minimum threshold export turnover of ₹ 10 Crore in the previous year. The Scheme provided for three slabs of entitlement of duty credit scrips: 5/10/15% based on the percentage incremental growth of exports: 25%/25-<100%/100% and above respectively. The Scheme was in operation for the years 2004-05 and 2005-06. b. Litigation & Judgment: In the TPS for 2005-06, Directorate General of Foreign Trade (DGFT), vide Notification No. 48 dated February 20, 2006 had made certain products ineligible for claiming the benefit under Target Plus Scheme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... placed before the respective Zonal Committees for appropriate decision and the Head of such RA shall be a member for such cases in the respective Zonal Committees. ll. Due Diligence: The concerned Zonal Committee shall thoroughly scrutinize the claims to ascertain genuineness of exports by exercising due diligence. While processing such claims, the Committee will thoroughly check the claims having high growth in terms of percentage and/or value and against irregularities if any more specifically on the exclusion made in the relevant Policy Provisions before the issuance of the Notification No. 48 dated 20.02.2006 and Notification No.8 dated 12.06.2006. III. Irregular cases: No legal right shall accrue to the exporters who misused Target ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the eligible entities for which claims are now being settled based on the judgment of the Hon'ble Supreme Court, a certificate from these entities must be taken that no dues are pending to government/departments including DGFT. If any due is there, then it must be paid before release of the claim under TPS. In case of large claims, this certificate may be sent to the concerned Departments/Ministries for time-bound comments. In case of DGFT, any dues towards recoveries on account of any of DGFT's Schemes including DFCE shall have to be adjusted first before issue of TPS scrips. For the purpose of submitting the Certificate under this sub-paragraph, if the firm is a Limited Company, the Certificate shall be signed by the Managing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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