Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Arvind has informed that the Ministry of Textiles has issued a Notification dated 14th January 2020 withdrawing the Merchandise Exports from India Scheme (MEIS) for export of garments and made-ups retrospectively from 7th March 2019. MEIS is an export incentive granted to exporters at the rate of 4% of FOB value of exports to overcome tariff and non-tariff barriers, and logistics hardships for penetration into new markets. As a result of this the Company will have a onetime write-off of about Rs 35 Crores of MEIS incentives that were credited to the income earlier.
The above information is a part of company’s filings submitted to BSE.
