As the New Interest Equalisation Scheme is going to be implemented from 1st April 2022, the DGFT has issued a Trade Notice on Operationalisation of the new online IT Module.
The trade notice draws the attention of the beneficiaries (exporters) of the Interest Equalisation Scheme (IES) up to 31.3.2024, as notified by RBI.
“In order to capture granular data about the beneficiaries of the scheme and its effective monitoring, it has been decided to operationalise a new online module for filing of electronic registration for Interest Equalisation Scheme w.e.f. 01.04.2022,” the notice said.
All exporters seeking benefit under the Interest Equalisation Scheme need to apply online by navigating to the DGFT website (https://dgft.gov.in) Services Interest Equalisation Scheme. A Unique IES Identification Number (UIN) will get generated automatically which is required to be submitted to the concerned bank when availing Interest Equalisation against their pre and post-shipment rupee export credit applications.
The Trade Notice also lays down the steps that need to be followed to generate UIN by all concerned exporters.
The user charge for generating a UIN shall be 200 and is to be paid online. vi. After the generation of the UIN, no changes will be allowed. In case of any correction/amendment exporter may generate a new UIN.
The UIN generated shall have a validity of 1 year from the date of registration, during which an application for availing benefit of IES can be submitted to the concerned bank. The auto-generated Acknowledgement containing the UIN number need to be submitted to the concerned bank along with the prescribed application by the bank, if any, for availing benefit under IES,
“It will be mandatory for the exporter to submit UIN acknowledgment to concerned bank for all applications made on or after 01.04.2022,” the Notice said.
Banks will continue to scrutinize and issue benefits as per their own internal process. The guidelines for the bank for validation of submission made by the exporter are being issued separately through RBI.
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