DGFTTrade noticeTrade Notice No.17/2024-202517 Sept 2024

Amendments under Interest Equalisation Scheme

Deadline: 30 Sept 2024 · 765 days ago · Extension of Interest Equalisation Scheme and MSME cap period
Who: All IEC Holders/Members of Trade and Industry, concerned Bank Branches, and Export Promotion Councils/Commodity Boards/Other Industry Associations.

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What changed

The Directorate General of Foreign Trade amends the Interest Equalisation Scheme with immediate effect to cap annual net subvention amounts per Importer-Exporter Code. The annual net subvention amount reaches a cap of Rs 10 Cr per IEC for a given financial year. A cap of Rs. 5 Cr per IEC applies to MSME Manufacturers until 30.09.2024 for the financial year starting from 01.04.2024. A cap of Rs. 2.5 Cr applies to Manufacturer Exporters and Merchant Exporters until 30.06.2024.

Key dates

Start of the financial year for MSME subvention cap: 01 Apr 2024
Cap period for Manufacturer Exporters and Merchant Exporters: 30 Jun 2024
Effective from: 17 Sept 2024
Effective date of the amendment: 17 Sept 2024
Extension of Interest Equalisation Scheme and MSME cap period: 30 Sept 2024

Who is affected

All IEC Holders/Members of Trade and Industry, concerned Bank Branches, and Export Promotion Councils/Commodity Boards/Other Industry Associations.

Thresholds

The annual net subvention amount is capped at Rs 10 Cr per IEC for a given financial year.
A cap of Rs. 5 Cr per IEC for MSME Manufacturers is imposed till 30.09.2024 for the financial year starting from 01.04.2024.
For Manufacturer Exporters and Merchant Exporters the cap is Rs. 2.5 Cr till 30.06.2024.

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Document text

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Official source

Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Vanijya Bhawan, New Delhi

Dated: 17.09.2024

Trade Notice No.17/2024-2025

To,

All IEC Holders/Members of Trade and Industry.
All concerned Bank Branches.
All Export Promotion Councils/Commodity Boards/ Other Industry Associations.

Subject: Amendments under Interest Equalisation Scheme – reg.

Attention of Trade and Industry is drawn towards the extension of Interest Equalisation Scheme (IES) up to 30.09.2024, as notified by DGFT vide Trade Notice no. 16/2024-25 dated 31.08.2024.

The below mentioned amendment is made with immediate effect for rationalisation of the scheme.

(a) The annual net subvention amount is capped at Rs 10 Cr per IEC for a given financial year, accordingly a cap of Rs. 5 Cr per IEC for MSME Manufacturers is imposed till 30.09.2024 for the financial year starting from 01.04.2024.
(b) It is further clarified that for Manufacturer Exporters and Merchant Exporters the cap is Rs. 2.5 Cr till 30.06.2024.

This issues with the approval of Competent Authority.

[Image omitted. See the official document.]

(Raman Kumar) Dty. Director General of Foreign Trade DGFT Hq

(Issued from File No.: 01/94/180/135/AM24/PC-4)

Source details

Official title: Amendments under Interest Equalisation Scheme-regarding
Source: Directorate General of Foreign Trade
Type: trade notice
Published by source: 17 Sept 2024
Document number: Trade Notice No.17/2024-2025
Issuing division: Directorate General of Foreign Trade
Effective date: 17 Sept 2024
Coverage area: foreign-trade

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Amendments under Interest Equalisation Scheme

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