The Commerce Ministry has taken action against 1,271 companies for misusing facilities under the export promotion scheme during the last three years, Parliament was informed on Wednesday.

For misuse of facilities, companies have been denied further facilities under the export promotion scheme, their importer exporter code (IEC) has been cancelled/suspended, financial penalty imposed, and recovery proceedings initiated, Commerce and Industry Minister Piyush Goyal said in a written reply to the Lok Sabha.

"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 said.

In a separate reply, he said that according to the information provided by the India Cellular and Electronics Association, about 268 units have come up during last 4-5 years (as against 2 units in 2014), which are manufacturing cellular mobile handsets and their sub-assemblies/ parts/ components in the country.

In 2018-19, exports of electronic items increased to Rs 61,908 crore from Rs 41,220 crore in 2017-18.

Published On : 27-11-2019

Source : Business Standard