Commerce min caps interest equalisation at Rs 1.66 cr per IEC for Jul-Aug

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Commerce min caps interest equalisation at Rs 1.66 cr per IEC for Jul-Aug - Business Standard

Quick Summary:

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.

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

The commerce ministry on Wednesday clarified that the interest equalisation will be capped at Rs 1.66 crore per IEC (import-export code) for the July 1-August 31 period.