Rice Exporters eligible for Export Incentives, to receive RoDTEP Licences

RoDTEP stands for Remission of Duties and Taxes on Export Products. It is a new scheme that is applicable with effect from January 1st, 2021, formed to replace the existing MEIS (Merchandise Exports from India Scheme). The scheme will ensure that the exporters receive the refunds on the embedded taxes and duties previously non-recoverable. The scheme was brought about with the intention to boost exports and make sure Indian Exports remain competitive in the global markets.

Rice exports were not included as part of MEIS scheme, announced under the Foreign Trade Policy 2015-2020 on 1.4.2015. Though the scheme was extended to rice exports during 2.11.2018 to 25.3.2019 but the rice exports were again excluded form the scheme starting financial year 2020-2021. Seeing the drop in non basmati rice in 2019-20, the rice exporters have been lobbying to be included as part of the new RoDTEP scheme that would become effective from 1st January 2021.

Heeding to their calls, the Department of Commerce in their Notification 19 on 17th August, 2021 granted Rice Exporters a 1% benefit on FoB value as RoDTEP, a transferable scrip that could be either used or sold to others in the need for the same.

We at Tirupati Impex (a 35 year old Import Export Consultancy firm) are working with the Rice exporters to help them avail the announced benefits and also are assisting them to sell their duty scrips at the best premium available in the market.