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Residual life for Target Plus
Special Correspondent
CHENNAI:
The Target Plus scheme, which has been replaced by the Focus Market Scheme and the Focus Product Scheme in the latest revision of the Foreign Trade Policy, is likely to continue in the case of those who have already effected exports under the scheme.
The Target Plus cannot obviously be abolished overnight in view of the operation of the doctrine of `promissory estoppel'. However, the modalities of continuing the residual part of the scheme were still awaited, officials in the Directorate-General of Foreign Trade (DGFT) said.
The sources also said that Target Plus had been "abused'' by many beneficiaries and the Central Bureau of Investigation (CBI) was investigating the matter.
Under the Target Plus scheme, Star Export Houses (including status holders) were entitled to specified rates of duty credit entitlements depending on the level of incremental exports over and above the year's export target.
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