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RBI circular no. RBI/2021-22/180 DOR.STR.REC.93/04.02.001/2021-22 continue on 8th March 2022 Expands interest equalization scheme for rupee export credit before and after shipment From 1st October, 2021 and 31. will endscheduled tribe March 2024 or till next review, whichever is earlier. The Interest Equalization Scheme for providing Rupee Export Credit before and after shipment to eligible exporters is effective from 1st April 2015. In April last year, this scheme was first extended till June 2021 and later till September 2021.
for the period from October 1, 2021 to March 31, 2022banks will Identify eligible exporter as planned, Credit their accounts with the eligible amount of interest parity and submit the sector wise consolidated reimbursement claim for the said period to the Reserve Bank by April 30, 2022.
The extended scheme will not be available to the beneficiaries who are getting benefits under any Production Linked Incentive (PLI) scheme of the government.
The revised interest equalization rates under the scheme are now 3 per cent for MSME manufacturer exporters exporting under any HS lines and 2 per cent for manufacturer exporters and merchant exporters exporting under 410 HS lines (6 HS pertaining to telecom sector). except lines).
instructions to the bank
The banks, while issuing the approval to the exporter, shall compulsorily furnish
- prevailing interest rate,
- interest subvention is being provided, and
- Net rate is being charged from each exporter, so as to ensure transparency and greater accountability in the operation of the scheme.
With effect from April 1, 2022, banks will reduce the rate of interest charged to eligible exporters as per the guidelines and submit claims in original with the bank’s seal and signed by the authorized person within 15 days from the end of the month concerned. , in the prescribed format, as amended.
For detailed guidance on this aspect, please refer to the link below:
https://rbi.org.in/scripts/notificationuser.aspx/www.mastercirculars.rbi.org.in/scripts/NotificationUser.aspx?Id=12252
PDF version attached: https://www.dpncindia.com/blog/wp-content/uploads/2022/03/RBI-Update-Extension-of-Interest-Equalization-Scheme.pdf
Disclaimer
The information given here is in summary form RBI circular for Extension of Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit issued on March 8, 2022 and is based on information available in the public domain. While the information is believed to be accurate to the best of our knowledge, we make no representations or warranties, express or implied, as to the accuracy or completeness of this information. The reader should conduct and rely on his own examination and analysis and is advised to seek his own professional advice. This note is not an offer, invitation, advice or solicitation of any kind. We accept no responsibility for any error contained herein, whether due to negligence or otherwise or for any damages, whether caused or sustained by a person dependent on it.
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