New Delhi [India], April 12 (ANI): The Union Cabinet on Wednesday approved the implementation of the Supreme Court's judgment of October 27, 2015 regarding the Target Plus Scheme (TPS) 2004-09 in Civil Application No. 554 of 2006.
A cabinet release said that the revenue implication under the TPS arising from the apex court's judgment is about Rs. 2700 crores.
It said that the benefit is being extended to all applicant exporters eligible as per provisions of the initially notified TPS Scheme under FTP for the year 2005-06, and as per provisions of Foreign Trade Policy 2004-09 throughout the country.
It said that TPS 2005-06 has already been implemented partially. However, the claims which were denied as a result of retrospective notification will be now settled as per direction of the Supreme Court in the CA No. 554 of 2006. The scheme has been discontinued w.e.f. 01.04.2006.
It said that the claims will be considered as per original notifications till the date of the Notification No. 48 dated 20.02.2006 and Notification No. 8 dated 12.8.2006. The guidelines and modalities for processing the claims will be worked out by the DGFT HQs in consultation with Deptt. of Revenue and is proposed to be completed in one year from the date of approval of the Cabinet.
It said that the corrective measure will bring an end to multiple litigations with the Government and the claims under the TPS will be issued as per original provisions under Foreign Trade Policy in compliance with the decision of the Supreme Court. (ANI)