Jtekt India Receives ₹622.39 Demand for MEIS Scrips

Jtekt India Ltd has received a Show Cause Notice from the Office of the Additional Director General of Foreign Trade, CLA Delhi. The notice concerns a demand for recovery of MEIS duty credit scrips amounting to ₹622.39. This demand arises from the alleged excess sanction of MEIS benefits due to incorrect adoption of foreign exchange rates for converting FOB value into Indian Rupees, contrary to the Foreign Trade Policy 2015-20. The company states there is no impact on its financial or operational activities. The alleged contravention falls under the Foreign Trade (Regulation) Rules, 1993, and the Foreign Trade (Development & Regulation) Act, 1992.