Trade

RBI EXTENDS THE INTEREST EQUALISATION SCHEME

RBI EXTENDS THE INTEREST EQUALISATION SCHEME

The Reserve Bank of India (RBI) extended the validity of the interest equalisation scheme (IES) for pre-and-post-shipment rupee export credit for three months till September 30 to help exporters struggling to tackle the impact of the second COVID-19 wave.

This scheme usually allows manufacturing and merchant exporters an interest subsidy of 3 per cent on pre-and-post-shipment rupee credit for exports of 416 tariff lines.

The bank notification followed the government approval of the extensi

The Reserve Bank of India (RBI) extended the validity of the interest equalisation scheme (IES) for pre-and-post-shipment rupee export credit for three months till September 30 to help exporters struggling to tackle the impact of the second COVID-19 wave.

This scheme usually allows manufacturing and merchant exporters an interest subsidy of 3 per cent on pre-and-post-shipment rupee credit for exports of 416 tariff lines.

on of the scheme, with ‘same scope and coverage’.

Apparel Export Promotion Council (AEPC) chairman A Sakthivel said the scheme will “help the identified export sectors to be internationally competitive and to achieve a higher level of export performance”.

The government has budgeted Rs. 1,900 crore under the scheme for fiscal 2021-22, against Rs. 1,600 crore for 2020-21.

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