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March 15, 2022

DGFT operationalized new online IT Module for Interest Equalization Scheme w.e.f. April 01, 2022

by CA Shivam Jaiswal in GST

DGFT operationalized new online IT Module for Interest Equalization Scheme w.e.f. April 01, 2022

Attention of the trade and industry is drawn towards the extension of the Interest Equalization Scheme (IES) up to 31.3.2024, as notified by RBI vide its circular no. DOR.STR.REC.93/04.02.001/2021-22 dated 08.03.2022. In order to capture granular data about the beneficiaries of the scheme and its effective monitoring, it has been decided to operationalize a new online module for filing of electronic registration for Interest Equalization Scheme w.e.f. 01.04.2022.

All exporters seeking benefit under the Interest Equalization Scheme need to apply online by navigating to the DGFT website (https://dgft.gov.in)  Services Interest Equalization Scheme. A Unique IES Identification Number (UIN) will get generated automatically which is required to be submitted to the concerned bank when availing Interest Equalization against their pre and post shipment rupee export credit applications.

3. For generating UIN the following steps need to be followed by all concerned exporters –

  • As a first step, any exporter seeking to apply under IES, need to register on the DGFT Website (if not already registered). It may be ensured 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.
  • Thereafter, exporter need to login with its registered credentials 4navigate to Services -) Interest Equalization Scheme -> Apply for Interest Equalization Scheme and fill in the required details. Basic data about the applicant’s IEC would get auto-populated.
  • An acknowledgement containing Unique IES Identification Number (UIN) would be auto-generated when duly completed application is submitted online.
  • An SMS and email intimation of the UIN generated will be sent to the registered email account and mobile number of the exporter.
  • The user charge for generating a UIN shall be 200 and is to be paid online.
  • After generation of the UIN no changes will be allowed. In case of any
    correction / amendment exporter may generate new UIN.

The UIN generated shall have a validity of 1 year from the date of registration, during which an application for availing benefit of IES can be submitted to the concerned bank. The auto generated Acknowledgement containing HINT number need to be submitted to the concerned bank along with the prescribed application by the bank, if any, for availing benefit under IES.

It will be mandatory for exporter to submit UIN acknowledgment to concerned bank for all applications made on or after 01.04.2022.

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-

  • Raise a service request ticket through DGFT Helpdesk service under Services ‘DGFT Helpdesk Service’.
  • Call the DGFT Toll-free-Helpline number.
  • Send an email to the Helpdesk on dgftedi@gov.in

This issues with the approval of the Competent Authority.

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