Export Credit: Govt Amends Interest Subvention Rules
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Government amends guidelines for interest subvention on export credit. NPA classification impacts eligibility. Scheme applies to credit disbursed after Jan 2.
New Delhi, Mar 20 (PTI) The government on Friday amended guidelines for interest subvention support for pre- and post-shipment export credit under Rs 25,060 crore export promotion mission.
As per the changes, interest subvention shall not be admissible from the date on which the loan account is classified as a non-performing asset (NPA), and no subvention benefit shall be extended with effect from such date.
In a trade notice, the Directorate General of Foreign Trade said that the interest subvention scheme will be applicable only in respect of export credit disbursed on or after January 2.
As per the changes, interest subvention shall not be admissible from the date on which the loan account is classified as a non-performing asset (NPA), and no subvention benefit shall be extended with effect from such date.
In a trade notice, the Directorate General of Foreign Trade said that the interest subvention scheme will be applicable only in respect of export credit disbursed on or after January 2.
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