As per detailed guidelines of Govt. of India, Interest Equalization Scheme on Pre-Shipment and Post Shipment Rupee Export credit to eligible exporter’s w.e.f. 1st April 2015 were furnished earlier. This benefit scheme was for the tenure of 5 years i.e., till 31st March 2020. Further, as per subsequent RBI guidelines, the scheme was extended up to 31/03/2024. The introduction of new online IT Module (https://dgft.gov.in) for claiming Interest Equalization Scheme benefit by DGFT (Directorate General of Foreign Trade) started w.e.f. 01.04.2022. The clarification given by GOI regarding providing IES benefit to beneficiaries for segments other than for which they have availed of PLI.
All eligible exporters are required to submit the Acknowledgement copy of UIN (Unique Identification Number) from DGFT site for availing the benefits under IES from 01.04.2022. Further, the exporter availing the benefits of the scheme from multiple banks can avail the benefit by providing a single UIN by linking all banks while filing IES application.
Revised Guidelines under Interest Equalization Scheme
(Trade Notice NO. 04/2023-24 dated 21.04.2023)
- An Acknowledgement consisting of UIN, valid for a financial year shall be unique to a specific bank. If a scheme beneficiary desires to take advantage of the benefits of the scheme from multiple banks a new UIN must be provided for each bank.
- W.e.f. 01.05.2023, Banks shall not accept Acknowledgement consisting of UIN linked to another bank.
All exporters who are availing the IES benefits from multiple banks to generate a new UIN for each bank separately w.e.f. 01.05.2023. Bank before extending IES benefit w.e.f. 01.05.2023 will validate the UIN and ensure that the UIN provided by the exporter to Bank is unique and linked to respective Bank only.