ANNOUNCEMENT 26 Aug 2013In August 2013, the government of India announced a change in financial export support.
NUMBER OF INTERVENTIONS
Circular DBOD.Dir.BC.No.43 /04.02.001/2013-14
On 26 August 2013, the Reserve Bank of India through Circular DBOD. Dir.BC. No.43 /04.02.001/2013-14 increased the interest credit under the interest subvention scheme for rupee export credits from 2 percentage points to 3 percentage points subject to a floor rate on the credit of 7%. The sectors covered under the scheme include Handicrafts, Handlooms, Carpets,Small and Medium Enterprises, Readymade Garments, Processed Agriculture Products, Sport Goods , Toys and Engineering Goods. The increased rate credit is applicable from 1 August 2013.
The subvention scheme provides an interest rate reduction on pre-shipment and post-shipment Rupee export credit for employment oriented export sectors