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Centre caps interest equalization at Rs 1.66 cr

Centre caps interest equalization at Rs 1.66 cr
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New Delhi: The Union Commerce Ministry on Wednesday clarified that the interest equalisation will be capped at Rs1.66 crore per IEC (import-export code) for the July 1-August 31 period.

Last month, the government extended the interest equalisation scheme (IES) on pre- and post-shipment rupee export credit for two months to promote the country’s outbound shipments. The scheme, which provides exporters interest benefits, ended on June 30 this year.

In a trade notice, the Directorate General of Foreign Trade (DGFT) said the scheme extended on June 28, the 2-24 is applicable only to MSME manufacturer exporters, who are eligible for IES benefit of 3 per cent.

“The Interest Equalisation will be capped at Rs1.66 crore per IEC for the period from July 1, 2024 to August 31, 2024,” DGFT said.

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