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Home» Circulars» Interest Equalization Scheme Ies On Pre And Post Shipment Rupee Export Credit Clarification

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Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit- Clarification
 

 

CHEMEXCIL
Basic Chemicals, Cosmetics & Dyes Export Promotion Council
(Set-up by Ministry of Commerce and Industry, Govt of India)

Jhansi Castle, 4th Floor, 7 Cooperage Road, Mumbai - 400 001.India.
Tel : +91 22 22021288 / * Fax : +91 22 22026684
email : info@chemexcil.gov.in Web : https://chemexcil.in

 


EPC/LIC/RBI/IES                                                                                                                                                                                                      

 

2nd June 2022 

 

 

TO

 

 

ALL THE MEMBERS OF THE COUNCIL

 

 

 

Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit- Clarification

 

Dear Members,

 

This is  regarding RBI clarification on applicability of  Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit  concerning  PLI beneficiaries.

 

As you might recall,  as per RBI circular No. DOR.STR.REC.93/04.02.001/2021-22 dated March 8, 2022regarding extension of the Scheme,   it was stated that the extended IES would not be available to those beneficiaries who were availing of the benefit under any Production Linked Incentive (PLI) scheme of the Government.

 

In this regard, Government has now  issued a clarification that the extended IES will also be available to such beneficiaries for segments other than for which they have availed of PLI benefits.

 

It is further advised that banks shall obtain a Self-Declaration under the IES from the exporters as per the format given in the Annex  to the RBI  circular dated 31st May 2022.

 

These provisions shall be deemed effective from October 1, 2021. Other provisions of the aforesaid circular shall remain unchanged.

 

Though chemicals are not yet covered under PLI,  members are requested to take note and do the needful (if dealing in products of other sectors also which are covered under PLI).  The said RBI circular is available for reference on below link-

 

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12327&Mode=0#AN

 

Feed-backs if  any,  may be sent to our e-mail ids:-   dg@chemexcil.in, pw@chemexcil.in, robengaluru@chemexcil.in and rd.ahd@chemexcil.in   for records.

 

Thanking you.

Yours faithfully,

 

Deepak Gupta

Acting Executive Director

CHEMEXCIL

 

 

 

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