1,271 firms misusing export promotion scheme

Commerce & Industry Minister, Shri Piyush Goyal informed the Parliament that action has been against 1,271 companies for misusing facilities under the export promotion scheme during the last three years. Directorate General of Foreign Trade denied further facilities to these firms under the export promotion scheme, their importer exporter code (IEC) has been cancelled/suspended, financial penalty imposed, and recovery proceedings initiated. “Action for misuse of facilities under Export Promotion Scheme during the last three years has been taken against 1,271 companies by Directorate General of Foreign Trade,” he stated.