Centre caps interest equalization at Rs 1.66 cr
image for illustrative purpose
New Delhi: The Union Commerce Ministry on Wednesday clarified that the interest equalisation will be capped at Rs1.66 crore per IEC (import-export code) for the July 1-August 31 period.
Last month, the government extended the interest equalisation scheme (IES) on pre- and post-shipment rupee export credit for two months to promote the country’s outbound shipments. The scheme, which provides exporters interest benefits, ended on June 30 this year.
In a trade notice, the Directorate General of Foreign Trade (DGFT) said the scheme extended on June 28, the 2-24 is applicable only to MSME manufacturer exporters, who are eligible for IES benefit of 3 per cent.
“The Interest Equalisation will be capped at Rs1.66 crore per IEC for the period from July 1, 2024 to August 31, 2024,” DGFT said.
