https://www.taxtmi.com/caselaws?id=784533 The Interest Equalisation Scheme required banks to pass on the full interest subvention benefit upfront to eligible exporters while the scheme was in force. A later RBI circular extending the scheme from 1 October 2021 and reducing the rate to 3% did not permit retrospective clawback of benefits already granted for export credits disbursed before 30 September 2021. The DGFT clarification was read to preserve the exporter's entitlement where disbursement had occurred earlier, even if the credit tenor continued beyond that date. The bank's failure to seek timely reimbursement from RBI could not be shifted to the exporter, and recovery of the differential amount was wrongful. en-us Tue, 06 Jan 2026 00:00:00 +0530 Wed, 07 Jan 2026 08:03:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784533 The Interest Equalisation Scheme required banks to pass on the full interest subvention benefit upfront to eligible exporters while the scheme was in force. A later RBI circular extending the scheme from 1 October 2021 and reducing the rate to 3% did not permit retrospective clawback of benefits already granted for export credits disbursed before 30 September 2021. The DGFT clarification was read to preserve the exporter's entitlement where disbursement had occurred earlier, even if the credit tenor continued beyond that date. The bank's failure to seek timely reimbursement from RBI could not be shifted to the exporter, and recovery of the differential amount was wrongful. Case-Laws Customs Tue, 06 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784533