Govt caps interest subvention amount at Rs 5 crore per IEC for MSME manufacturersIn a trade notice on September 17, the Directorate General of Foreign Trade (DGFT) announced the amendment under the Interest Equalisation Scheme (IES) with immediate effect “for rationalisation of the scheme.”
The commerce ministry has imposed an interest subvention cap of Rs 5 crore per IEC (import-export code) for MSME manufactures till September 30, 2024 for the current fiscal. In a trade notice on September 17, the Directorate General of Foreign Trade (DGFT) announced the amendment under the Interest Equalisation Scheme (IES) with immediate effect “for rationalisation of the scheme.”
“The annual net subvention amount is capped at Rs 10 Cr per IEC for a given financial year, accordingly a cap of Rs. 5 Cr per IEC for MSME Manufacturers is imposed till 30.09.2024 for the financial year starting from 01.04.2024,” the notice read.
DGFT also clarified that the cap was Rs 2.5 crore for manufacturer exporters and merchant exporters till June 30, 2024.
