MEIS is an Incentive Scheme introduced in the Foreign Trade Policy of India (2015-2020). Incentive schemes are schemes which entitle the exporters to duty credit scrips subject to various conditions.
These scrips can be used for payment of Basic Customs Duty at the time of import of goods, including notified capital goods.
Duty credit scrips are transferable, i.e., they can be sold in the market, if the holder of the duty credit scrip does not intend to import goods against the scrips.
MEIS License gives a value of 2-5% on FOB from export of goods from India in the form of duty credit script.
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