Interest Subvention on Pre and Post shipment Export Credit
With a view to insulate the employment oriented export sectors from the global slowdown, Government of India decided to extend interest subvention of 2% w.e.f. 1.12.2008 till March 31, 2010 on pre and post shipment credit, for seven employment oriented export sectors i.e. textiles (including handlooms), handicrafts, carpets, leather, gems & jewellery, marine products and SME sector.
The Scheme was extended during the year 2010-11 and 2011-12 to four employment oriented export sectors i.e. Handicrafts, Carpets, Handlooms and Small & Medium Enterprises (SME). During the year 2012-13, the Government has extended the Scheme to 8 sectors namely, Handicraft, Carpets, Handlooms, SMEs, Readymade Garments, Processed Agriculture Products, Sport Goods and Toys.
With a view to insulate the employment oriented export sectors from the global slowdown, the Government of India decided to extend interest subvention of 2% to 3% w.e.f. 01.18.2013 till 31.03.2014 on pre and post shipment credit. During the year 2013-14, the Scheme has been extended to the 8 sectors/sub-sectors till 31.03.2014. viz; Handicrafts, Carpets, Handlooms, Small and Medium Enterprises (SMEs), Readymade Garments, Processed Agriculture Products, Sport Goods and Toys.
The subvention is provided to the Banks through RBI as per existing RBI guidelines. The Rupee export credit by Scheduled Urban Cooperative Banks holding Authorised dealer category I license has also been included in the scheme. Further, GoI has decided to widen the Interest Subvention Scheme during 2013-14 as under;
(a) To extend interest subvention to export of ITC (HS) and Textiles good to 6 tariff lines.
(b) To cover additional 101 tariff line in engineering good sector in addition to the existing 134 lines.
Guidelines for Selection of Part Time Non Official Director