Focus Market Scheme
Focus Market Scheme abbreviated as FMS is a scheme introduced by the government of India to encourage exports to certain foreign markets in order to enhance the country's export competitiveness in those markets. It compensates for high freight costs and other disadvantages to encourage exports to certain foreign countries under Focus Market Scheme.List of Items Exempted from Focus Market Scheme--
The items which are excluded from the FMS coverage:
*Supplies made to SEZ units.
*Diamonds and other precious, semi-precious stones.
*Gold, silver, platinum and other precious metals in any form, including plain and studded jewellers, Ores and concentrates of all types and all forms.
*Sugar, of all types and in all forms.
*Crude/petroleum oil and also their products are covered under ITC HS codes 2709 to 2715, of all types and in all forms.
*Milk and milk products are covered under ITC HS codes 0401 to 0406, 19011001, 19011010, 2105 and 3501.
Focus Product Scheme(FPS)
Exports of notified products to all countries (including SEZ units) shall be entitled for Duty Credit scrip equivalent to 2% of FOB value of exports (in free foreign exchange) for exports made from 27.8.2009 onwards, unless a specific date of export / period is specified by public notice / notification.However, Special Focus Product(s) /sector(s) shall be granted Duty Credit Scrip equivalent to 5% of FOB value of exports (in free foreign exchange) for exports made from 27.8.2009 onwards, unless a specific date of export / period is specified by public notice / notification.
Further, Focus Product(s) / sector(s) that are notified shall be granted additional Duty Credit Scrip equivalent to 2% of FOB value of exports (in free foreign exchange) over and above the existing rate for that product / sector from the admissible date of export / period specified in the public notice issued to notify the product / sector.