Government issued a trade notice announcing an amendment to the Interest Equalisation Scheme (IES). The IES has been extended until March 31, 2024, as per the notification from the Reserve Bank of India. The amendment, which is effective immediately, introduces a cap of Rs. 10 crore per Importer Exporter Code (IEC) on the annual net subvention amount. All disbursements made from April 1, 2023, onwards will be counted towards the IEC for the current financial year.
Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Vanijya Bhawan, New Delhi
Trade Notice No. 05/2023-24 Dated: 25.05.2023
To,
1. All EEC Holders/Members of Trade & Industry
2. All Concerned Bank Branches
3. All Export Promotion Councils/Commodity Boards/ Other Industry Associations
Subject: Amendment under Interest Equalisation Scheme – reg.
Attention of Trade and Industry is drawn towards the extension of Interest Equalisation Scheme (IES) upto 31.03.2024, as notified by RBI vide its Circular no. DOR.STR.REC.93/04.02.001/2021-22 dated 08.03.2022.
2. The below-mentioned amendment is made with immediate effect for rationalization of the scheme:
“The annual net subvention amount would be capped at Rs. 10 crore per IEC in a given financial year. All disbursements made from 01.04.2023 shall be counted for an IEC for the current financial year.”
3. This issues with the approval of the Competent Authority.
(K. . Tirumala)
Joint Director General of Foreign Trade Email: tirumala.kv@nic.in
(Issued from File No. 01/94/180/341/AM20/PC-4)
