Directorate General of Foreign Trade (DGFT) has announced an extension of the Interest Equalisation Scheme (IES) for Pre and Post shipment Rupee Export Credit for an additional three months, now valid until December 31, 2024. This extension continues the existing terms and conditions, but with a new limit: the total fiscal benefit for each Micro, Small, and Medium Enterprises (MSMEs) will be capped at ₹50 lakh for the fiscal year 2024-25. Notably, MSME manufacturers who have already received the equalisation benefit of ₹50 lakh or more before the end of September 2024 will not be eligible for further benefits during this extended period. The extension may remain in effect for three months or until a revised approval is granted before the expiration of this period. Stakeholders are advised to refer to the guidelines provided by the Reserve Bank of India (RBI) and relevant notifications regarding this scheme. For further queries, individuals can reach out to the DGFT via the provided contact details.
File No. 01/94/180/341/AM20/PC-4
Government of India
Ministry of Commerce and Industry
Department of Commerce
Directorate General of Foreign Trade
Vanijya Bhawan, New Delhi 110001
Trade Notice No. 18/2024-2025- DGFT | Dated: 30th September, 2024
To,
Members of Trade and Industry
EPCs/FIEO
Reserve Bank of India
Subject: Extension of Interest Equalisation Scheme (IES) for Pre and Post shipment Rupee Export Credit for three months beyond 30thSeptember, 2024.
Trade and Industry is hereby informed that the Interest Equalisation Scheme for Pre and Post shipment Rupee Export Credit, which had earlier been extended till 30.09.2024 has been further extended by three months up to 31.12.2024 on same terms and conditions as the earlier extension with the additional condition that fiscal benefits of each MSME, on aggregate, will be restricted to Rs.50 Lakhs for FY 2024-25 till December, 2024.
2. MSME Manufacturer exporters who have already availed equalisation benefit of Rs 50 Lakhs or more in 2024-25 till 30th of September, 2024, will not be eligible for any further benefit in the extended period.
3. This extension shall be valid for three months or such revised approval, which would be received prior to the lapse of the extension of three months.
4. Guidelines issued by Reserve Bank of India and relevant RBI notifications issued from time to time on this subject may be referred.
(K. M. Harilal)
Jt. Director General of Foreign Trade
DGFT (HQ)
Email: [email protected]
Ph. No.: 011-23038709
