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of <h1>India Launches Interest Equalisation Scheme for Export Credit; Banks to Adjust Rates and Claim Reimbursements from RBI.</h1> The Government of India introduced the Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit, effective from April 1, 2015, for eligible exporters. Scheduled commercial banks must identify eligible exporters and credit their accounts with the interest equalisation amount for the period from April 1 to November 30, 2015. From December 2015, banks are required to reduce interest rates by the equalisation rate. Banks must submit sector-wise reimbursement claims to the Reserve Bank of India (RBI) with an auditor's certificate. Reimbursements will occur upon receipt of funds from the government.
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