Target plus abolished

By Vijay Kumar

In a terse notification, the Government has abolished the Target Plus Scheme with effect from 1.4.2006. The DGFT says this is in public interest. It should be. It seems the Finance Ministry was never comfortable with the scheme with no substantial growth in exports but a deep drain in the revenue. Revenue bosses feel that industries are claiming the benefit on thrird party exports which was not what was originally visualized. Already there is a big case booked by DRI against the Adani group on this issue. The Commerce minister ius likely to announce a new scheme in the policy this weekend.

DGFT NOTIFICATION NO. 57(RE-2005)/2004-2009, Dated: March 31, 2006