Interest rates under the scheme have been revised downwards to 2 percent and 3 percent for certain categories of MSME manufacturer exporters, as opposed to previous rates of 5 percent and 3 percent.

The Department of Commerce said on Tuesday it has decided to deploy a new online module for the filing of electronic registration for interest-setting schemes for exporters, a move aimed at effective oversight of the scheme.

On March 9, the RBI extended the pre- and post-shipment rupee credit scheme for MSME exporters until March 2024.

On this basis, exporters receive subsidies for pre- and post-shipment rupee export credits.

Interest rates under the scheme have been revised downwards to 2 percent and 3 percent for certain categories of MSME manufacturer exporters, as opposed to previous rates of 5 percent and 3 percent.

“In order to capture detailed data on the scheme’s beneficiaries and its effective oversight, it has been decided to go live on April 1, 2022, with a new online module for the submission of electronic registration for the Interest Equalization Scheme (IES),” the statement said. Directorate General. of Foreign Trade (DGFT) in a trade message.

It said all exporters seeking benefits under the scheme should apply online by going to the DGFT website.

A unique IES Identification Number (UIN) is automatically generated which must be submitted to the relevant bank when using interest equalization with their pre- and post-shipment rupee export credit applications.

The generated UIN would be valid for one year from the date of registration, during which time an application to use IES can be submitted to the concerned bank.

The automatically generated confirmation with UIN must be submitted to the relevant bank along with the bank’s prescribed application, if any, to avail benefits under IES, it added.

“Exporters will be required to submit UIN confirmations to the relevant banks for all applications filed on or after April 1, 2022,” it said.


This post Ministry of Commerce Launches Online Interest Equalization Scheme Registration Application Module was original published at “https://www.financialexpress.com/economy/commerce-ministry-to-start-online-module-for-filing-registration-for-interest-equalisation-scheme/2462190/”

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