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Consider the following statements regarding
Deemed Exports Benefit Scheme:
Deemed Exports refers to those transactions in which goods supplied do not leave the country but the payment for such supplies is received only in foreign exchange.
The scheme violates the principle of import substitution.
The scheme is applicable to the units in Petroleum refinery and Nuclear Power Projects.
Which of the statements given above is/are correct?
- a)1 and 3 only
- b)2 only
- c)3 only
- d)1, 2 and 3
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
Consider the following statements regardingDeemed Exports Benefit Sch...
- Statement 1 is not correct: Deemed Exports refers to those transactions in which goods supplied do not leave the country, and payment for such supplies is received either in Indian rupees or in foreign exchange.
- Deemed benefit export scheme has been in operation for more than two decades. The benefits under the scheme include a rebate on duty chargeable on imports or excisable material used in the manufacture of goods which are supplied to the eligible projects.
- Statement 2 is not correct: The policy aims to create a level playing field for the domestic industry vis-avis direct import by providing duty-free inputs or exemption/refund of duty paid on goods manufactured in India. Thus, it is an instrument for import substitution. It helps in creating manufacturing capability, value addition and employment opportunities in the country.
- Statement 3 is correct: Deemed Export Benefit Scheme benefits are availed of by units in Power, Petroleum refinery, fertilizer, and Nuclear Power Projects. They are also availed by the supply of goods to projects financed by multilateral or bilateral agencies.
Most Upvoted Answer
Consider the following statements regardingDeemed Exports Benefit Sch...
Deemed Exports Benefit Scheme
Deemed Exports Benefit Scheme is a scheme that allows for tax benefits to be given to goods that are supplied within the country but are paid for in foreign exchange. Let's look at the given statements and see which ones are correct.
Statement 1: Deemed Exports refers to those transactions in which goods supplied do not leave the country but the payment for such supplies is received only in foreign exchange.
This statement is correct. Deemed Exports refer to transactions where goods are supplied within the country but are paid for in foreign exchange.
Statement 2: The scheme violates the principle of import substitution.
This statement is incorrect. The Deemed Exports Benefit Scheme does not violate the principle of import substitution. The scheme is designed to encourage exports and provide benefits to those who contribute to the country's exports.
Statement 3: The scheme is applicable to the units in Petroleum refinery and Nuclear Power Projects.
This statement is correct. The Deemed Exports Benefit Scheme is applicable to units in Petroleum refinery and Nuclear Power Projects.
Therefore, the correct option is (c) 3 only.
Deemed Exports Benefit Scheme is a scheme that allows for tax benefits to be given to goods that are supplied within the country but are paid for in foreign exchange. Let's look at the given statements and see which ones are correct.
Statement 1: Deemed Exports refers to those transactions in which goods supplied do not leave the country but the payment for such supplies is received only in foreign exchange.
This statement is correct. Deemed Exports refer to transactions where goods are supplied within the country but are paid for in foreign exchange.
Statement 2: The scheme violates the principle of import substitution.
This statement is incorrect. The Deemed Exports Benefit Scheme does not violate the principle of import substitution. The scheme is designed to encourage exports and provide benefits to those who contribute to the country's exports.
Statement 3: The scheme is applicable to the units in Petroleum refinery and Nuclear Power Projects.
This statement is correct. The Deemed Exports Benefit Scheme is applicable to units in Petroleum refinery and Nuclear Power Projects.
Therefore, the correct option is (c) 3 only.
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Consider the following statements regardingDeemed Exports Benefit Scheme: Deemed Exports refers to those transactions in which goods supplied do not leave the country but the payment for such supplies is received only in foreign exchange. The scheme violates the principle of import substitution. The scheme is applicable to the units in Petroleum refinery and Nuclear Power Projects. Which of the statements given above is/are correct?a)1 and 3 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements regardingDeemed Exports Benefit Scheme: Deemed Exports refers to those transactions in which goods supplied do not leave the country but the payment for such supplies is received only in foreign exchange. The scheme violates the principle of import substitution. The scheme is applicable to the units in Petroleum refinery and Nuclear Power Projects. Which of the statements given above is/are correct?a)1 and 3 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regardingDeemed Exports Benefit Scheme: Deemed Exports refers to those transactions in which goods supplied do not leave the country but the payment for such supplies is received only in foreign exchange. The scheme violates the principle of import substitution. The scheme is applicable to the units in Petroleum refinery and Nuclear Power Projects. Which of the statements given above is/are correct?a)1 and 3 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regardingDeemed Exports Benefit Scheme: Deemed Exports refers to those transactions in which goods supplied do not leave the country but the payment for such supplies is received only in foreign exchange. The scheme violates the principle of import substitution. The scheme is applicable to the units in Petroleum refinery and Nuclear Power Projects. Which of the statements given above is/are correct?a)1 and 3 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?.
Consider the following statements regardingDeemed Exports Benefit Scheme: Deemed Exports refers to those transactions in which goods supplied do not leave the country but the payment for such supplies is received only in foreign exchange. The scheme violates the principle of import substitution. The scheme is applicable to the units in Petroleum refinery and Nuclear Power Projects. Which of the statements given above is/are correct?a)1 and 3 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regardingDeemed Exports Benefit Scheme: Deemed Exports refers to those transactions in which goods supplied do not leave the country but the payment for such supplies is received only in foreign exchange. The scheme violates the principle of import substitution. The scheme is applicable to the units in Petroleum refinery and Nuclear Power Projects. Which of the statements given above is/are correct?a)1 and 3 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regardingDeemed Exports Benefit Scheme: Deemed Exports refers to those transactions in which goods supplied do not leave the country but the payment for such supplies is received only in foreign exchange. The scheme violates the principle of import substitution. The scheme is applicable to the units in Petroleum refinery and Nuclear Power Projects. Which of the statements given above is/are correct?a)1 and 3 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?.
Solutions for Consider the following statements regardingDeemed Exports Benefit Scheme: Deemed Exports refers to those transactions in which goods supplied do not leave the country but the payment for such supplies is received only in foreign exchange. The scheme violates the principle of import substitution. The scheme is applicable to the units in Petroleum refinery and Nuclear Power Projects. Which of the statements given above is/are correct?a)1 and 3 onlyb)2 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
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