The Directorate General of Foreign Trade (DGFT) on April 18, 2023, issued a notification regarding amendment under Interest Equalisation Scheme.
The attention of Trade and Industry is drawn towards the extension of the Interest Equalisation Scheme (IES) up to March 31, 2024, as notified by RBI vide its Circular no. DOR.STR.REC.93/04.02.001/2021-22 dated 08.03.2022.
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 crores per IEC in a given financial year. All disbursements made from April 01, 2023, shall be counted for an IEC for the current financial year."
[Notification No. 05/2023-24]
