Synopsis “Exporters may be allowed to file the claim so as to verify the value of the tax-free bond to be given to them, which can be encashed after 3 years, by which time the government revenue would be on sound footing,” FIEO said in a letter to the finance ministry. Getty Images Exporters have proposed the government to issue tax-free bonds in lieu of pending refunds under the Merchandise Export from India Scheme, in the wake of the country’s poor revenue realisation. The Federation of Indian Export Organisations (FIEO) has proposed a mechanism of tax-free bond attracting 6% annual interest with a three-year lock-in period to provide certainty of refund and ensure liquidity for exporters.