Objective of FMS is to offset high freight cost and other externalities to select international markets with a view to enhance India’s export competitiveness in these markets.
(a) Exporters of all products to countries notified in Table 1 and 2 of Appendix 37C of HBPv1 shall be entitled for Duty Credit Scrip equivalent to 3 % of FOB value of exports (in free foreign exchange) for exports made from 27.8.2009 onwards, unless a specific date of export/period is specified by a public notice/notification.
(b) Export of products to countries notified in Table 3 of Appendix 37 C of HBP v1 will be entitled for additional Duty Credit Scrip @ 1% of FOB value of exports (in free foreign exchange) for export made with effect from 01.04.2011.
(c) Norway has been added under Focus Market Scheme and Venezuela has been added under Special Focus Market Scheme. The total number of countries under Focus Market Scheme and Special Focus Market Scheme becomes 125 and 50 respectively.
Ineligible Exports Categories / Sectors for FMS
The following categories of export products / sectors shall be ineligible for Duty Credit Scrip, under FMS:
(i) Supplies made to SEZ units;
(ii) Service Exports;
(iii) Diamonds and other precious, semi precious stones;
(iv) Gold, silver, platinum and other precious metals in any form, including plain and studded Jewellery;
(v) Ores and Concentrates, of all types and in all forms;
(vi) Cereals, of all types;
(vii) Sugar, of all types and in all forms;
(viii) Crude / Petroleum Oil & Crude / Petroleum based Products covered under ITC HS codes 2709 to 2715, of all types and in all forms; and
(ix) Export of Milk and Milk Products covered under ITC HS Codes 0401 to 0406, 1 9011 001, 1 9011 010, 2105 & 3501.
(xi) Export of Cotton.
(xii) Export of Cotton Yarn.
(xiii) Exports which are subject to Minimum Export Price or Export Duty.
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