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of <h1>Interest Equalization Scheme for Export Credit Extended to June 2024; Manufacturers & MSMEs Benefit from 2-3% Rate Reduction.</h1> The Interest Equalization Scheme (IES) for Pre and Post Shipment Rupee Export Credit has been extended until June 30, 2024. Manufacturers and merchant exporters will receive a 2% interest equalization on specified HS lines, while MSME manufacturers will receive 3% on any HS line. Banks charging an average interest rate exceeding the Repo Rate + 4% before subvention will face restrictions. The annual subvention cap is set at Rs 10 crore per Importer-Exporter Code. Breaching these terms may lead to debarment from the scheme. Other provisions from previous circulars remain unchanged.
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