Cir(077)/2022                                                                               June 01, 2022

 

Committee:

 

Sub: Extension – Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit– reg.

 

Dear Sirs/Madam,

 

We are enclosing herewith a Circular issued by Reserve Bank of India (RBI) vide RBI/2022-23/60 DOR.STR.REC.39/04.02.001/2022-23 dated 31.05.2022. This Circular is in continuation of RBI Circular No. DOR.STR.REC.93/04.02.001/2021-22 dated March 8, 2022, wherein 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 Paragraph 2.4 of the Circular.

 

Now, the Government has 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.

 

Further RBI has advised that banks shall obtain a Self-Declaration under IES from the exporters as per the format given in the Annex.

 

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

 

This is for your information.

 

Thanking you,  

   

Yours faithfully,  

   

 

Chandrima Chatterjee

Secretary General