Government of India, vide Trade Notice dated June 28, 2024 read with Trade Notice dated July 10, 2024 has allowed for an extension of the Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit (‘Scheme’) up to August 31, 2024. The extension takes effect from July 1, 2024 and ends on August 31, 2024.
Further, Government has advised the following modifications to the scheme:
- Eligibility of borrowers: With effect from July 1, 2024, only MSME Manufacturer exporters would be eligible under the Scheme. Hence, the Scheme benefits will not be available to non-MSME exporters, and such claims are not to be entertained beyond June 30, 2024.
- Cap on subvention amount: The interest equalization will be capped at ₹1.66 Crore per Importer-Exporter Code (IEC) for the aforesaid extended period of the scheme.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12729&Mode=0
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