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Date: 17th September 2024 Jurisdiction: India, Central Government

Amendments under Interest Equalisation Scheme-regarding - 17th September 2024 - Ministry of Commerce and Industry - Gazette Notification PDF

Issued by Ministry of Commerce and Industry · Directorate General Of Foreign Trade

Read or download the official PDF of this gazette notification issued by the Ministry of Commerce and Industry on 17th September 2024.

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Executive Summary & Key Takeaways

Summary:

This Trade Notice No. 17/2024-2025, dated September 17, 2024, issued by the Directorate General of Foreign Trade (DGFT), Department of Commerce, Ministry of Commerce and Industry, announces amendments to the Interest Equalisation Scheme (IES). The notice follows Trade Notice No. 16/2024-25 dated August 31, 2024, which extended the IES up to September 30, 2024. Effective immediately, the following amendments are implemented to rationalize the scheme:

  • The annual net subvention amount is capped at Rs. 10 Crore per Importer-Exporter Code (IEC) for a given financial year. A cap of Rs. 5 Crore per IEC for MSME Manufacturers is imposed until September 30, 2024, for the financial year starting from April 1, 2024.

  • For Manufacturer Exporters and Merchant Exporters, the cap is Rs. 2.5 Crore until June 30, 2024.

This notice is addressed to all IEC Holders, Members of Trade and Industry, concerned Bank Branches, Export Promotion Councils, Commodity Boards, and other Industry Associations.

For further information, contact Alok Raman Kumar, Deputy Director General of Foreign Trade, DGFT Hq, File No.: 01/94/180/135/AM24/PC-4.

Key Entities Referenced

Interest Equalisation Scheme: A scheme by the Government of India to provide interest equalization to exporters. IEC: Importer-Exporter Code, a key requirement for engaging in import/export activities. Directorate General of Foreign Trade: The government agency responsible for implementing foreign trade policy. MSME Manufacturers: Micro, Small and Medium Enterprises engaged in manufacturing activities, eligible for specific benefits under the scheme. New Delhi: The location of Vanijya Bhawan, the office of Directorate General of Foreign Trade Trade Notice No. 1720242025: Official notification issued by DGFT regarding amendments to the Interest Equalisation Scheme. Vanijya Bhawan: Office of Directorate General of Foreign Trade Alok Raman Kumar: Dty. Director General of Foreign Trade
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Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Vanijya Bhawan, New Delhi Dated: 17.09.2024 Trade Notice No.17/2024-2025 To, 1. All IEC Holders/Members of Trade and Industry. 2. All concerned Bank Branches. 3. All Export Promotion Councils/Commodity Boards/ Other Industry Associations. Subject: Amendments under Interest Equalisation Scheme — reg. Attention of Trade and Industry is drawn towards the extension of Interest Equalisation Scheme (IES) up to 30.09.2024, as notified by DGFT vide Trade Notice no. 16/2024-25 dated 31.08.2024. 2, The below mentioned amendment is made with immediate effect for rationalisation of the scheme. a. The annual net subvention amount is capped at Rs 10 Cr per IEC for a given financial year, accordingly a cap of Rs. 5 Cr per IEC for MSME Manufacturers is imposed till 30.09.2024 for the financial year starting from 01.04.2024. b. It is further clarified that for Manufacturer Exporters and Merchant Exporters the cap is Rs. 2.5 Cr till 30.06.2024. 3. This issues with the approval of Competent Authority. Alor (Raman Kumar) Dty. Director General of Foreign Trade DGFT Hq + (Issued from File No.: 01/94/180/135/AM24/PC-4)

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