Government Tightens Interest Subvention Guidelines for Export Credit
The government revised guidelines for interest subvention support on export credit. Subvention benefits will cease when a loan becomes a non-performing asset. The Directorate General of Foreign Trade clarified the scheme applies only to export credit dispensed on or after January 2.
- Country:
- India
On Friday, the government announced an amendment to the guidelines governing interest subvention support for both pre-shipment and post-shipment export credit, which falls under the Rs 25,060 crore export promotion mission.
The revised guidelines specify that interest subvention will not be applicable from the date a loan is designated as a non-performing asset (NPA), effectively stopping any subvention benefits from that point forward.
In a trade notice, the Directorate General of Foreign Trade stated that the interest subvention scheme would only apply to export credit extended on or after January 2.
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