New Delhi, The Commerce Ministry on Wednesday clarified that the interest equalization limit for the period July 1 to August 31 will be Rs 1.66 crore per IEC (Import-Export Code).
Last month, the government had extended the Interest Equalization Scheme (IES) on pre- and post-shipment rupee export credit by two months to boost the country's outbound shipments.
This scheme providing interest benefits to exporters ended on June 30 this year.
In a trade notice, the Directorate General of Foreign Trade (DGFT) said the scheme extended on June 28, 24, is applicable only to MSME manufacturer exporters, who are eligible for IES benefit of 3 per cent.
“Interest equation for the period July 1, 2024 to August 31, 2024 will be capped at Rs 1.66 crore per IEC,” DGFT said.
Importer-Exporter Code (IEC) is a key business identification number, which is mandatory for exports from India or imports into India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted.
Last month, the government had extended the Interest Equalization Scheme (IES) on pre- and post-shipment rupee export credit by two months to boost the country's outbound shipments.
This scheme providing interest benefits to exporters ended on June 30 this year.
In a trade notice, the Directorate General of Foreign Trade (DGFT) said the scheme extended on June 28, 24, is applicable only to MSME manufacturer exporters, who are eligible for IES benefit of 3 per cent.
“Interest equation for the period July 1, 2024 to August 31, 2024 will be capped at Rs 1.66 crore per IEC,” DGFT said.
Importer-Exporter Code (IEC) is a key business identification number, which is mandatory for exports from India or imports into India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted.
