Home» Circulars» Rbi Circular For Inclusion Of Merchant Exporters Under Interest Equalisation Scheme Ies For Pre And Post Shipment Rupee Export Credit

 

 

Dear Members,   This is in continuation of our circular dated 03/01/2019  informing you that the  Cabinet Committee on Economic Affairs  (CCEA) has given its approval to the proposal of the Department of Commerce for including merchant exporters under the Interest Equalisation Scheme (IES) for Pre and Post Shipment Rupee Export Credit by allowing them interest equalisation rate of 3% on such credit for export of products covered under 416 tariff lines identified under the scheme.   In this regard,  Reserve Bank has now  issued  its circular  no.  DBR.Dir.BC.No.22/04.02.001/2018-19  dated January 11, 2019 wherein it has been decided to include merchant exporters also  w.e.f. January 2, 2019, under the ongoing Interest Equalisation Scheme for Pre and Post Shipment Rupee Export Credit and allow them interest equalisation at the rate of 3% on credit for export of products covered under 416 tariff lines identified under the Scheme.   For operational instructions of the IES scheme and   details of the 416 tariff lines specified for Non-MSME’s which are now being made available to merchant exporters also for IES @ 3%,  members can use below links pertaining to  the earlier  RBI circular numbers  DBR.Dir.BC.No.62/04.02.001/2015-16 dated December 4, 2015 &  DCBR.CO.SCB.Cir.No.1/13.05.000/2015-16 dated February 11, 2016 :   https://rbidocs.rbi.org.in/rdocs/notification/PDFs/257IE85A5E419354C4226B855C5C7E949DF9F.PDF https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT322468DA7E3559F4FDCA05F627EE6310FB3.PDF   Member-exporters (specially merchant) are requested to take note of this positive development and also check for their eligible tariff lines  using above links.   You can also send your feed-back/ concerns, if any, on ed@chemexcil.gov.in & deepak.gupta@chemexcil.gov.in . Thanking You, Yours faithfully,   (S.G. Bharadi) Executive Director Chemexcil