Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit - আৰবিআই - Reserve Bank of India
Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit
RBI/2023-24/124 DOR.STR.REC.78/04.02.001/2023-24 February 22, 2024 All Scheduled Commercial Banks (excluding RRBs), Dear Sir / Madam, Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit Please refer to the instructions issued vide circulars No. DOR.STR.REC.93/04.02.001/2021-22 dated March 8, 2022 and DOR.STR.REC.39/04.02.001/2022-23 dated May 31, 2022. 2. Government of India has allowed for extension of the Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit (‘Scheme’) up to June 30, 2024. The rate of interest equalization shall be 2% for Manufacturers and Merchant Exporters exporting under specified 410 HS lines and 3% to the MSME manufacturers exporting under any HS line. 3. Further, Government has advised the following modifications to the scheme:
4. All other provisions of the aforesaid circulars shall remain unchanged. Yours faithfully (Vaibhav Chaturvedi) UNDERTAKING We, [Name of the Bank], hereby provide an undertaking to participate in the Interest Equalisation Scheme for MSMEs and non-MSMEs, subject to the following terms and conditions: 1. We understand that if our bank's average interest rate prior to subvention for MSMES and non-MSMEs is higher than Repo Rate + 4%, we will be debarred under the scheme. 2. We agree that we will keep the average interest rate within Repo Rate + 4% band to continue to participate in the Interest Equalisation Scheme. 3. We hereby undertake to provide all necessary information and documents as required by the Directorate General of Foreign Trade, Ministry of Commerce & Industry for the purpose of monitoring and evaluation of our compliance with the terms and conditions of the Interest Equalisation Scheme. 4. We also agree to adhere to any other guidelines or directives issued by the Directorate General of Foreign Trade, Ministry of Commerce & Industry from time to time. We hereby certify that we have read and understood the above terms and conditions and undertake to abide by them in letter and spirit. Signature of authorized signatory: |