Mumbai, Mar 9 (KNN) The Reserve Bank of India (RBI) has announced the extension of interest equalisation scheme for MSME exporters for pre and post shipment rupee credit till March 2024. 

This move by the central bank intends to boost outbound shipments 

Further for certain categories of MSME manufacturer exporters, the interest equalisation rates under the scheme have been revised to 2 per cent and 3 per cent.

"The government has approved the extension of Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit up to 31st March, 2024 or till further review, whichever is earlier. The extension takes effect from October 1, 2021 and ends on 31st March, 2024," the RBI said in a notification. 

It has been notified that telecom instruments and entities availing benefits under the PLI scheme cannot apply for this scheme. 

RBI has also announced that banks shall reduce the the interest rate charged to the eligible exporters upfront from 1st April, 2022.

This will be done as per the guidelines and submit the claims in original within 15 days from the end of the respective month in the prescribed format.  (KNN Bureau)