Operationalisation of a new online IT Module for Interest Equalisation Scheme w.e.f. 01.04.2022

Circular No. ES/268/2021-22                                           16^th March, 2022     

 To: Members of the Council              

Sub:  Operationalisation of a new online IT Module for Interest Equalisation Scheme w.e.f. 01.04.2022

Dear Member,    

DGFT has issued Trade Notice No. 38/2021-22 dated 15th March, 2022 informing about the operationalisation of a new online IT Module for Interest Equalisation Scheme (IES) w.e.f. 1st April, 2022. 

As you may be aware that the IES has been extended upto 31st March, 2024 by RBI vide its Notification No. RBI/2021-22/180 dated 8th March, 2022. 

To capture the granular data of the beneficiaries of the scheme and its effective monitoring, DGFT has decided to operationalise the Scheme w.e.f. 01.04.2022.  

• All exporters seeking IES benefit 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.  

Following steps need to be followed by all concerned exporters for generating UIN–
    (i)  Any exporter seeking to apply under IES, need to register on the DGFT  Website (if not                     already registered). 

        Please ensure that applicant’s IEC is linked to its online account, the IEC  (ANF-2A) and the             Exporter-Importer Profile (ANF-1) is updated to reflect correct and up-to-date details. 

   (ii) Thereafter, exporter need to login with its registered credentials >>> navigate to Services                  >>> Interest Equalisation Scheme >>> Apply for Interest Equalisation Scheme and fill in the            required details. 

        Basic data about the applicant’s IEC would get auto-populated.  

  (iii)  An acknowledgement containing UIN would be auto-generated when duly completed                         application is submitted online.

  (iv) An SMS and email intimation of the UIN generated will be sent to the registered email                      account and mobile number of the exporter.  

  (v)  The user charge for generating a UIN shall be Rs. 200 and is to be paid online.  

  (vi)  After generation of the UIN, no changes will be allowed. In case of any correction /                           amendment, exporter may generate new UIN.  
 

        Please note the following - 

• The UIN generated shall have a validity of 1 year from the date of registration, during which an application for availing IES benefit can be submitted to the concerned bank.  

• The auto generated Acknowledgement containing UIN number need to be submitted to the concerned bank alongwith the prescribed application by the bank, if any, for availing IES benefit.   

• It will be mandatory for exporter to submit UIN acknowledgment to concerned bank for all applications made on or after 1st April, 2022. 
   
• 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. 
   
• For any help and guidance on this new process, the Help Manual & FAQs may be accessed on DGFT Website (https://dgft.gov.in) >>> Learn >>> Application Help & FAQs.
   
• For any further assistance, any of the following channels may be accessed- 
   
  1. Raise a service request ticket through DGFT Helpdesk service under Services >>> ’DGFT Helpdesk Service’.  
  2. Call the DGFT Toll-free-Helpline number.  
  3. Send an email to the Helpdesk on dgftedi@gov.in.  

Members may kindly make a note of the above and do the needful.     

Thanking you,                       

Yours faithfully,                      

S. BALARAJU             
EXECUTIVE DIRECTOR