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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
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EPC/LIC/RBI/IES
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2nd June 2022
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TO
ALL THE MEMBERS OF THE COUNCIL
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Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit- Clarification
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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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