Person chargeable with duty must be the importer at importation; subsequent purchasers cannot be held liable where beneficial owner rules did not appl...
Amendments revise eligibility and scope: export credit qualifies only if extended in accordance with RBI consolidated Directions on Credit Facilities, and interest subvention applies to the interest cost actually borne by eligible MSME exporters, resulting in subvention limited to the recorded interest component. Temporal application: revised subvention rates apply only to facilities sanctioned on or after notification, with existing facilities governed by the rate at sanction; subvention admissible only for export credit sanctioned on or after 02.01.2026. Exclusions and conditions: no subvention for deemed exports or where the account turns NPA before the export cycle; exporters reclassified out of MSME remain eligible for three years post-reclassification. Administrative and financial controls: beneficiary bears responsibility for aggregate annual ceiling and excess recoverable; reimbursements to banks limited to verified actual subvention and claimed monthly; banks must submit IEC-wise online claims and reports within fifteen days; the FY 2025-26 annual ceiling applies in full without pro rata adjustment.
Amendments revise eligibility and scope: export credit qualifies only if extended in accordance with RBI consolidated Directions on Credit Facilities, and interest subvention applies to the interest cost actually borne by eligible MSME exporters, resulting in subvention limited to the recorded interest component. Temporal application: revised subvention rates apply only to facilities sanctioned on or after notification, with existing facilities governed by the rate at sanction; subvention admissible only for export credit sanctioned on or after 02.01.2026. Exclusions and conditions: no subvention for deemed exports or where the account turns NPA before the export cycle; exporters reclassified out of MSME remain eligible for three years post-reclassification. Administrative and financial controls: beneficiary bears responsibility for aggregate annual ceiling and excess recoverable; reimbursements to banks limited to verified actual subvention and claimed monthly; banks must submit IEC-wise online claims and reports within fifteen days; the FY 2025-26 annual ceiling applies in full without pro rata adjustment.
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