RBI extended interest subsidy scheme

RBI extended interest subsidy scheme

Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “RBI extended interest subsidy scheme

The Reserve Bank of India has extended the interest equalization scheme for pre and post shipment rupee credit for MSME exporters till March 2024. The extension of the scheme has been worked on the intension of boosting outbound shipments. Exporters could be received subsidy under the ‘Interest Equalization Scheme for pre and post-shipment Rupee Export Credit’.

The scheme was extended for the first time till June end and later till September 2021.

The interest equalization rates under the scheme have been reviewed to 2 per cent and 3 per cent for specified categories of MSME manufacturer exporters.

Official notification:

The government has gave its approval to the extension of Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit up to March 31, 2024 or till further review, whichever is earlier. The new extended period will be effective from October 1, 2021 and ends on March 31, 2024.

Exclusion:

The scheme will not employ to telecom instruments and entities which are availing benefits under the Production Linked Incentive (PLI) scheme of the government.

As per the RBI giving the approval to the exporter, the bank will be necessitated to furnish the prevailing interest rate, the interest subvention being provided, and the net rate being agitated to each exporter, so as to ensure transparency and greater accountability in the operation of the scheme.

Claims:

From April 1, 2022 banks shall decrease the interest rate charged to the eligible exporters upfront as per the guidelines and present the claims in original within 15 days from the end of the month in the notified format.

Importance of exporting in Indian economy:

India’s merchandise export in February 2022 is recorded at USD 33.81 billion which shown a growth of 22.36 per cent over USD 27.63 billion in the same month of 2021.

Question & Answer:

Q1. Which entity has extended the interest subsidy scheme for exporters?

Ans. Reserve Bank of India

Q2. Till which period of time the extension on the interest equalization scheme for pre and post shipment rupee credit for MSME exporters has been approved?

Ans. March 2024

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