ANNOUNCEMENT 19 Jun 2012
In June 2012, the government of India announced a change in financial export support.
NUMBER OF INTERVENTIONS
On 19 June 2012, the Reserve Bank of India through Circular DBOD. Dir.(Exp).BC. No.112/04.02.001/2011-12 extended the list of sectors eligible under the interest subvention scheme for rupee export credit for the year 2012-13.
The following exporters have now additionally been included under the scheme -
The subvention scheme provides an additional 2% interest reduction on pre-shipment and post-shipment Rupee export credit for employment oriented export sectors (see related measure).
The measure is effective from 1 April 2012. However, the implementation date is set at 19 June 2012 as trade flows for the stated sectors may only have been affected after the announcement. This state act was announced for 1 year, although it was later extended for another year.
- On 14 January 2013, the incentive for these sectors has been extended for the period 1 April 2013 to 31 March 2014.