What are the key benefits of SBI Credit Cards?

SBI Credit Cards offer a wide range of benefits, including rewards, cashback, lounge access, discounts, and insurance coverage.

How can I apply for an SBI Credit Card?

You can apply for an SBI Credit Card online through the Paisabazaar platform, where you can compare card options and check for pre-approved offers.

What factors should I consider when choosing an SBI Credit Card?

Consider your spending habits, lifestyle, and financial goals to select a card that best suits your needs, such as travel, shopping, or rewards.

How can I manage my SBI Credit Card efficiently?

SBI Card offers a user-friendly mobile app and online banking services to help you manage your card, check statements, make payments, and access additional features.

What precautions should I take to avoid accumulating credit card debt?

Responsible credit card usage includes paying bills on time, managing credit limits wisely, and avoiding unnecessary spending to prevent debt accumulation.

Guide to MEIS Scheme: Incentives, Eligibility, Application

The Merchandise Exports From India Scheme (MEIS) was introduced in the Foreign Trade Policy (FTP) for the period of 2015-2020. This scheme serves as an incentive for the export of goods and rewards exporters with duty credit scrips. The MEIS is implemented by the Ministry of Commerce and Industry, with notifications provided by the Directorate General of Foreign Trade (DGFT).

The MEIS replaced several previous export incentive schemes, including the Focus Market Scheme (FMS), Focus Product Scheme (FPS), Vishesh Krishi Gramin Udyog Yojana (VKGUY), Market Linked Focus Product Scheme (MLFPS), and Agri Infrastructure incentive scheme. All duty credit scrips issued under these schemes have been transferred to the MEIS.

Under the FTP 2015-20, the MEIS aims to incentivize the export of goods manufactured or produced in India. The incentives are designed to benefit industries producing or manufacturing these goods in order to enhance India's export competitiveness.

MEIS covers goods that have been notified for the purpose of the scheme. The incentives are calculated as a percentage (2%, 3%, or 5%) of the realized FOB (free-on-board) value of exports in free foreign exchange. The incentives are allotted through a MEIS duty credit scrip. "Free foreign exchange" includes foreign exchange earned through international credit cards and other instruments permitted by the Reserve Bank of India (RBI).

To claim duty credit scrip entitlements under MEIS, applicants must submit an online application in form ANF 3A with a digital signature. The applicant must also provide copies of the application filed with DGFT, EDI (Electronic Data Interchange) shipping bills, electronically obtained Bank Realisation Certificate (e-BRC), and RCMC. If the application is made through EDI ports, hard copies are not required but export promotion copies of non-EDI shipping bills and proof of landing are necessary.

Separate applications must be filed for each port, and while original documents are not required at the time of application, they should be retained for a period of three years. The application should be filed within 12 months from the Let Export (LEO) date or within three months from the date of uploading of the EDI shipping bills onto the DGFT server by customs, or printing of shipping bills for non-EDI shipping bills, whichever is later.

The duty credit scrips obtained through MEIS can be utilized to pay customs duties on imports of inputs or goods, safeguard duty, anti-dumping duty, and any other customs duty under FTP 2015-20. These scrips can also be transferred or used for importing goods. Exporters can request a split of the duty credit scrip, provided that each scrip has a minimum value of Rs 5 lakh and the same port of registration is applicable. However, this procedure applies only to EDI enabled ports, and once a duty credit scrip is issued, it cannot be split in non-EDI ports. This scheme offers flexibility in import and payment, eliminating previous structural inefficiencies.

MEIS incentivizes approximately 5,000 items classified and notified under various ITC (HS) codes, with reward rates ranging from 2% to 5%. The items eligible for incentives under MEIS are notified by the DGFT.

Certain sectors or segments are not entitled to benefits under MEIS. These include SEZ/EOU/EHTP/FTWZ products exported through DTA units, supplies made to SEZ units from DTA units, deemed exports, export of imported commodities covered under paragraph 2.46 of FTP, export commodities subject to a minimum export duty or export price, exports via trans-shipment, and exports initiated by units in Free Trade and Warehousing Zones (FTWZ).

The MEIS incentives are applicable from April 1, 2015, until the validity of the FTP 2015-20, which is March 31, 2020.