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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.
Tel : 91-22-22021288, 22021330 Fax : 91-22-22026684.
E-mail : info@chemexcil.in
Website : http://www.chemexcil.in
EPC/LIC/RBI/IES 9th March 2022
TO
ALL THE MEMBERS OF THE COUNCIL
RBI
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Extension of Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit till
31.03.2024
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Dear Members,
As you are aware, RBI was offering Interest Equalization Scheme on Pre & Post Shipment Rupee Export Credit to various exporters under the scheme.
The Scheme was earlier extended up-to 30.09.2021 but subsequently it was under review which was a major concern for exporters (specially MSMEs). The council had also represented this issue many a times to the government.
We are pleased to inform you that RBI has Vide Circular No. RBI/2021-22/180 DOR.STR.REC.93/04.02.001/2021-22 dated March 8th 2022 provided extension with effect from 1st Oct, 2021 to 31.03.2024.
The extension is retrospective i.e. from 1st October, 2021.
However, there are some Modifications in the scheme as follows:
1. The new rates of the scheme will be:
Ø 3% for MSME Manufacturer exporters under any HS Lines
Ø 2% for other Manufacturer exporters and merchant exporters exporting 410 items (since 6 items from telecom are deleted)
2. The Scheme will not be available for companies availing benefit under Production linked Incentive (PLI) Scheme.
3. For Period from 1st Oct 2021 to 31st March 2022 banks will identify the eligible exporters, credit their accounts with eligible amount of interest equalization benefit and claim sector wise reimbursement from RBI By April 30th 2022
4. With effect from April 1, 2022, banks shall reduce the interest rate charged to the eligible exporters upfront as per the guidelines.
Members are requested to take note and may contact their ADs to take it forward. For further details, members may refer to the circular on the link below:
https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI1803990B2AD806A43E2A714ADD49801D639.PDF
Feedbacks may also be sent to us on our e-mail id’s- dg@chemexcil.in & pw@chemexcil.infor records/ further deliberations, if required.
Thanking you.
Yours faithfully
Deepak Gupta
Acting Executive Director
CHEMEXCIL
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