**Summary:**
This trade notice, issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India, announces amendments to the Interest Equalization Scheme (IES). The IES has been extended up to June 30, 2024, as per RBI Circular No. DOR.STR.REC. 7804.02.001202324 dated February 22, 2024. A cap of ₹2.50 crore per Import-Export Code (IEC) has been imposed for the quarter starting April 1, 2024, and ending June 30, 2024. For further information, contact K.M. Harilal, Joint Director General of Foreign Trade, DGFTHq, at km.harilal@gov.in. This notice is issued from File No.: 0194180135AM24PC4.
Key Entities Referenced
Interest Equalization Scheme: A scheme aimed at providing interest equalization support to exporters.
IEC Holders: Individuals or entities holding an Importer-Exporter Code, which is required for engaging in import/export activities.
Reserve Bank of India: The central bank of India, referred to here in relation to its circular extending the Interest Equalization Scheme.
Directorate General of Foreign Trade: A department of the Ministry of Commerce and Industry, Government of India, responsible for implementing foreign trade policy.
Vanijya Bhawan, New Delhi: Location of Directorate General of Foreign Trade office in New Delhi, Delhi.
K.M Harilal: Joint Director General of Foreign Trade, as the issuing authority of the trade notice.
Export Promotion Councils: Organizations that promote and support exports from India.
Commodity Boards: Government bodies responsible for the development of specific commodities.
Government of India
Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade
Vanijya Bhawan, New Delhi
Dated: 20.03.2024
Trade Notice No. 40/2023-2024
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 Equalization Scheme - reg.
Attention of Trade and Industry is drawn towards the extension of Interest
Equalization Scheme (IES) upto 30.06.2024, as notified by RBI vide its Circular No.
DOR.STR.REC. 78/04.02.001/2023-24 dated 22.02.2024.
2. In this regard, it may be noted that a cap of Rs. 2.50 Cr per IEC is imposed till
30.06.2024 for the quarter starting from 01.04.2024.
3. This issues with the Competent Authority.
(K.M Harilal)
Jt. Director General of Foreign Trade
DGFTHq
Email: km.harilal@gov.in
(Issued from File No.: 01/94/180/135/AM24/PC-4)