**Summary:**
This Trade Notice No. 03/2023-24, issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India, dated April 20, 2023, announces amendments to the Interest Equalisation Scheme (IES) concerning the Unique Identification Number (UIN). Effective May 1, 2023, exporters seeking benefits under the IES must submit a new UIN for each disbursement to the concerned bank. This requirement also applies to credit rollovers, necessitating the generation of a new UIN for each rollover instance. This notice supersedes the previous guidelines outlined in Trade Notice no. 38/2021-22 dated March 15, 2022, which mandated the submission of a UIN acknowledgement to avail interest subvention under the scheme, effective April 1, 2022. The new UIN will be associated with a particular bank for a one-time disbursement only. For further information, contact Rohit Soni, Deputy Director General of Foreign Trade, at rohit.soni88@gov.in, referencing File No. 01/94/180/094/AM22/PC-4. The notice is addressed to all IEC Holders, members of trade and industry, concerned bank branches, Export Promotion Councils, Commodity Boards, and other Industry Associations.
Key Entities Referenced
Interest Equalisation Scheme: A scheme to provide interest subvention to eligible exporters.
Unique Identification Number (UIN): An identification number required for exporters to avail interest subvention under the Interest Equalisation Scheme.
Directorate General of Foreign Trade: The issuing authority of the trade notice, under the Ministry of Commerce and Industry.
IEC Holders: Importers and Exporters Code holders, who are members of trade and industry.
Export Promotion Councils: Organizations that promote exports from India.
Commodity Boards: Government bodies responsible for the development of specific commodities.
Vanijya Bhawan, New Delhi: Address of Directorate General of Foreign Trade
Rohit Soni: Deputy Director General of Foreign Trade
Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Vanijya Bhawan, New Delhi
Dated: 20.04.2023
Trade Notice No. 03/2023-24
To,
1. All IEC Holders/Members of Trade & Industry
2. All Concerned bank branches
2. All Export Promotion Councils/Commodity Boards/ Other Industry Associations
Subject: Amendments under Interest Equalisation Scheme in respect of UIN- reg.
Attention of Trade and Industry is drawn towards Trade Notice no. 38/2021-22 dated
15.03.2022, wherein the eligible Interest Equalisation beneficiaries w.e.f 01.04.2022 were
required to submit an Acknowledgement consisting of a Unique Identification Number (UIN)
to the concerned bank to avail the interest subvention under this scheme.
2. All the exporters seeking benefits under the Interest Equalisation Scheme w.e.f
01.05.2023 are required to submit an Acknowledgement consisting of UIN which would be
associated with a particular bank only for a ONE-TIME disbursement. The beneficiaries of
this scheme are directed to submit a new UIN for each disbursement to the concerned bank.
This also applies where the credit is rolled over, and a new UIN shall be generated by the
exporter for each roll over.
3. This issues with the approval of the Competent Authority.
(Rohit Soni)
Deputy Director General of Foreign Trade
Email: rohit.soni88@gov.in
(Issued from File No. 01/94/180/094/AM22/PC-4)