1. Please refer to the instructions issued vide circular No.DOR.STR.REC.41/04.02.001/2024-25 dated August 29, 2024.
2. Government of India (Gol), vide Trade Notice No.16/ 2024-2025 dated August 31, 2024, read with Trade Notice No.17/2024-2025 dated September 17, 2024, has allowed for an extension of the Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit ('Scheme') from September 1, 2024, to September 30, 2024.
3. Further, the Government has advised the following modifications/clarifications to the Scheme:
a) The aforesaid extension is applicable only for MSME Manufacturer exporters.
b) The annual net subvention amount is capped at Rs. 10 Crore per Importer-Exporter Code (IEC) for a given financial year, accordingly a cap of Rs. 5 Crore per IEC for MSME Manufacturer exporters is imposed till September 30, 2024, for the financial year starting from April 1, 2024.
c) It is further advised that for Manufacturer Exporters and Merchant Exporters under the non-MSME category, the cap shall be Rs. 2.5 Crore per IEC till June 30, 2024, as per the Government's Trade Notice No.17/2024-2025 dated September 17, 2024.
4. Other provisions of the extant instructions issued by the Bank on the captioned Scheme shall remain unchanged.
Implementation of Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005: Designated List (Amendments)
September 19, 2024
This story is from the October 2024 edition of BANKING FINANCE.
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This story is from the October 2024 edition of BANKING FINANCE.
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