Circular No. ES/18/2021-22 14th April, 2021
To: Members of the Council
Sub: Extension of Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit upto 30th June, 2021
As you are aware, the Government of India had announced the Interest Equalisation scheme (IES) on 4th December, 2015 and this scheme was effective from 1st April, 2015 for a period of 5 years i.e. upto 31st March, 2020.
However, due to the nation-wide lockdown imposed by the Government in the last year due to the ongoing COVID-19 pandemic, the Reserve Bank of India (RBI) had extended the Interest Equalization Scheme for pre and post shipment Rupee export credit upto 31st March, 2021 vide its Notification No. RBI/2019-20/231 dated 13th May, 2020, which was effective from 1st April, 2020.
Now, we would like to inform you that the Reserve Bank of India has once again extended the Interest Equalization Scheme for pre and post shipment Rupee export credit, with same scope and coverage upto 30th June, 2021 vide its Notification No. RBI/2021-22/21 dated 12th April, 2021. This extension takes effect from 1st April, 2021.
Members may kindly make a note of the above.