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Pharmexcil urges exporters to take note of important revisions in operational guidelines of MAI scheme
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Shardul Nautiyal, Mumbai
July 24 , 2023
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The Pharmaceuticals Export Promotion Council of India (Pharmexcil) has urged the exporters to take note of important revisions in the operational guidelines of Market Access Initiative (MAI) Scheme -2021 for timely settlement of claims.
Members are also advised to enclose the 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.
Two important amendments have been made regarding MAI claims for reimbursement of expenses incurred on statutory compliance abroad with Prospective Effect.
Reimbursement under the Scheme will be limited to the exporters having FOB value of exports up to Rs. 100 crore during the preceding financial year. The timelines for submission of claims by exporters to EPCs may be revised from “45 days from date of receipt of certificate” to “90 days from date of issuance of certificate”.
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 lakhs 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% of the total number of participants, subject to the following conditions like the amount of airfare reimbursable will be 50% 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 lakhs 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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