The Reserve Bank of India (RBI) on September 20, 2024, issued a notification regarding the Interest Equalization Scheme (IES) on Pre and Post-Shipment Rupee Export Credit.
The following has been stated: -
•An extension of the Interest Equalization Scheme for Pre and Post-Shipment Rupee Export Credit ('Scheme') from September 01, 2024, to September 30, 2024, has been allowed.
•Further, the Government has advised the following modifications/clarifications to the Scheme:
a) The extension applies only to MSME Manufacturer exporters.
b) The annual net subvention amount is capped at ₹10 Crore per Importer-Exporter Code (IEC) for a given financial year, accordingly a cap of ₹5 Crore per IEC for MSME Manufacturer exporters is imposed till September 30, 2024, for the financial year starting from April 1, 2024.
c) It is further advised that for Manufacturer Exporters and Merchant Exporters under the non-MSME category, the cap shall be ₹2.5 Crore per IEC till June 30, 2024, as per the Government's Trade Notice No.17/2024-2025 dated September 17, 2024.
The detailed notification is given in the document below.
[Notification No. RBI/2024-25/76 DOR.STR.REC.44/04.02.001/2024-25]
