The Union Cabinet on 12 April 2017 approved the implementation of Supreme Court’s Judgment dated 27 October 2015 regarding the implementation of Target Plus Scheme (TPS) under Foreign Trade Policy (FTP) 2004-09.
As per the Supreme Court's Judgment, the revenue implication under the TPS is about Rs 2700 crore. The claims which were denied as a result of retrospective notification will be now settled as per direction of the Supreme Court.
The Target Plus Scheme (TPS) 2005-06 was already implemented partially.
Key Highlights
• Benefit will be extended throughout the country as per provisions of the TPS Scheme under Foreign Trade Policy 2004-09.
• The guidelines and modalities for processing the claims will be worked out by the DGFT HQs in consultation with Department of Revenue.
• The claims will be settled within one year from now.
The corrective measures regarding TPS will bring an end to multiple pending litigations with the Government and the claims under the TPS will be issued as per original provisions under Foreign Trade Policy.
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