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Pharmexcil asks exporters to take note of date of implementation of revised guidelines of MAI scheme
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Shardul Nautiyal, Mumbai
November 22 , 2023
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The Pharmaceuticals Export Promotion Council of India (Pharmexcil) has urged the member companies and exporters to take note of the Union commerce ministry’s specified date of June 26, 2023 as the effective date of implementation of revised operational guidelines of Market Access Initiative (MAI) Scheme-2021 for timely settlement of claims.
Two important amendments have been made regarding MAI claims for reimbursement of expenses incurred on statutory compliance abroad with prospective effect.
“Accordingly, for all the MAI claims filed by exporters to Pharmexcil from June 26, 2023, the following two provisions would apply such as ninety days timeline for submission of MAI claims by exporter to Pharmexcil and limitation of reimbursement to the exporters having FOB value of exports up to Rs.100 crore during the preceding financial year,” informed Udaya Bhaskar, director general (DG), Pharmexcil.
Member companies are also advised to enclose the Chartered Accountant (CA) certificate reflecting Free on Board (FOB) values of exports for the last three preceding years.
FOB is a term used to indicate when the ownership of goods transfers from buyer to seller and who is liable for goods damaged or destroyed during shipping. "FOB Origin" means the buyer assumes all risk once the seller ships the product.
The MAI Scheme which was enacted by the Union ministry of commerce and industry is valid from April 1, 2021 to March 31, 2026.
“As per the Clarification given by the Department of Commerce, all the MAI claims submitted to the council from June 26, 2023 by the exporters having FOB value of exports greater than Rs. 100 crore during the preceding financial year will not be meeting the eligibility criteria of the revised MAI guidelines and hence will be returned back,” Bhaskar further informed.
MAI has also revised claims for reimbursement of airfare for participation in approved international events. As per the revised MAI scheme, ceiling of airfare reimbursement to Indian exporters for participation in events abroad for hosting foreign buyers in reverse buyer-seller meets (RBSMs) in India has been enhanced by 20% with effect from FY 2023-24.
As per the revised MAI scheme, a ceiling of Rs.1.5 lakh has been given for Africa and American continents and Rs. 90,000 for other markets. The fares proposed are the maximum limit for economy class.
Reimbursement of airfare to the companies having nil exports/start-ups/new exporters may be allowed up to 10 per cent of the total number of participants, subject to the following conditions like the amount of airfare reimbursable will be 50 per cent of the economy fare, subject to market-wise ceilings and that the exporter has been active in the domestic market and has at least annual turnover of Rs. 50 lakh in the preceding financial year. For other exporters also, it will be necessary to have minimum annual export turnover of Rs. 50 lakh in the preceding financial year to avail reimbursement of airfare.
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