New Delhi, July 12
Reduction in the incentive for exporters under the "Target Plus Scheme" by the Directorate-General of Foreign Trade (DGFT) with retrospective effect will adversely impact them, according to the Confederation of India Industry (CII). Mr Sanjay Budhia, Chairman of Trade Policy Committee of CII, said this notification would cause major losses to exporters as many of them have closed their financial accounts for 2005-06 after audit. The chamber has urged the DGFT to look into the issue at the earliest, according to Mr Budhia. He is of the view that the Government should reconsider the notification and restore the benefits. The revision, if necessary, can be effective from next year.