CAG pulls up govt for irregular grant of MEIS, SEIS benefits with revenue impact of Rs 725 cr

Government auditor CAG has flagged the Commerce Ministry and customs department for wrongly giving benefits under MEIS and SEIS schemes. This resulted in a revenue loss of Rs 725 crore. The report highlights issues like ineligible products, incorrect rates, and non-realization of export proceeds. CAG recommends automation and stronger verification to prevent future misuse of incentives.