Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit Extended to PLI Scheme Beneficiaries also

· 31 May 2022 Circular to have Retrospective Effect from 1 Oct 2021

[RBI/2022-23/60- DOR.STR.REC.39/04.02.001/2022-23 dated 31 May 2022]

Sub: Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit - Extension

Please refer to paragraph 2.4 of the circular No. DOR.STR.REC.93/04.02.001/2021-22 dated March 8, 2022, wherein it was stated that the extended IES would not be available to those beneficiaries who were availing of the benefit under any Production Linked Incentive (PLI) scheme of the Government.

2. In this regard, Government has issued a clarification that the extended IES will also be available to such beneficiaries for segments other than for which they have availed of PLI benefits.

3. It is further advised that banks shall obtain a Self-Declaration under the IES from the exporters as per the format given in the Annex.

4. These provisions shall be deemed effective from October 1, 2021. Other provisions of the aforesaid circular shall remain unchanged.

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Annex

SELF DECLARATION

Declaration under Interest Equalization Scheme (IES)

1. I/We hereby declare that I/We am/are not availing benefits under the Production Linked Incentive (PLI) scheme of Government of India in the segment/sector for which this application for pre/post shipment credit under the Interest Equalization Scheme (IES) has been made.

2. I/We fully understand that if any information furnished in the application is found incorrect or false, it will render me/us liable for any penal action or other consequences as may be prescribed in law or otherwise warranted.

3. I/We hereby declare that the particulars and the statements made in this application are true and correct to the best of my/our knowledge and belief and nothing has been concealed or withheld therefrom.

Signature of Exporter

Date: