Question: FIEO is a related to …
(a) Export
(b) Import
(c) Investment
(d) Urban Planning
Ans: (a)
- On 12th April, 2017, the Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the implementation of Supreme Court’s Judgment dated 27th October 2015 regarding Target Plus Scheme (TPS) 2004-09.
- The revenue implication under the TPS arising from the Supreme Court’s Judgment is about Rs. 2700 crore.
- All the applicant exporters eligible as per provisions of the initially notified TPS Scheme under FTP for the year 2005-06 will be benefitted by this decision.
- The scheme has been discontinued w.e.f. 01.04.2006. However the claims which were denied as a result of retrospective Notification will be settled now as per direction of the Supreme Court.
- It is notable that in the case of DGFT v/s Kanak Exports & Ors., the Supreme Court gave verdict on the Target Plus Scheme for Export Promotion on 27.10.2015. It held that the notifications related to the Target Plus Scheme could not be applied retrospectively and they would be effective only from the date of their issue.
- With regard to the question above, FIEO is the apex body of the export promotion councils, commodity boards and export development authorities in India. It was set up in 1965.
- FIEO’s direct members contribute more than 70% of India’s exports.
Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=160977