MANU/DGFT/0077/2023

Ministry : Ministry of Commerce and Industry

Department/Board : DGFT

Trade Notice No. : 05/2023-2024

Date : 25.05.2023

Notification/ Circulars Referred : Circular no. DOR.STR.REC.93/04.02.001/2021-22 dated 08.03.2022 MANU/RMIC/0032/2022

Citing Reference:
Circular no. DOR.STR.REC.93/04.02.001/2021-22 dated 08.03.2022 MANU/RMIC/0032/2022  Referred

To,

1. All IEC Holders/Members of Trade & Industry

2. All Concerned Bank Branches

3. All Export Promotion Councils/Commodity Boards/Other Industry Associations

Amendment under Interest Equalisation Scheme

1. 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.V. Tirumala)
Joint Director General of Foreign Trade

(Issued from File No. 01/94/180/341/AM20/PC-4)