"The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the implementation of the Supreme Court's October 27, 2015 judgement on the TPS in a 2006 civil suit," said the statement.
On a civil suit, filed by Kanak Export and others, the apex court ruled that the Directorate General of Foreign Trade's (DGFT) notifications on February 20, 2006 and June 12, 2006, making certain products ineligible under the TPS Export Promotion and reducing their rates to 5 per cent from 5, 10 and 15 per cent could not be applied retrospectively and they would be effective only from the date of issue.
"The revenue implication under the TPS arising from the Supreme Court's judgement is Rs 2,700 crore," the statement said, also clarifying that the benefit was being extended to all the exporters eligible as per the provisions of the TPS for 2005-06 and of the FTP 2004-09 across the country.
"Though the TPS was implemented partially, the claims denied as a result of the retrospective notification will be settled as per direction of the Supreme Court in the civil suit.
The scheme was, however, discontinued from April 1, 2006.
"The claims will be considered as per original notifications till the date of the notification 48 of February 20, 2006 and notification 8 of August 12, 2006," said the statement.
The DGFT will work out the guidelines and modalities for processing the claims in consultation with Revenue Department and is proposed to be completed in one year.
"The corrective measure will put an end to multiple litigations with the government and the claims under the TPS will be issued as per original provisions under the FTP in compliance with the Supreme Court's decision," added the statement.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.