: DGFT to start new online module for exporters to fill eregistration for IES from April 1 #FinanceIndia #StockMarketNEWS DGFT to start new online module for exporters to fill e-registration for IES

@StockMarketNEWS Mon 21 Mar, 2022

Posted in: #FinanceIndia #StockMarketNEWS

DGFT to start new online module for exporters to fill eregistration for IES from April 1 #FinanceIndia #StockMarketNEWS
DGFT to start new online module for exporters to fill e-registration for IES from April 1 New Delhi, Mar 16 (KNN) The Directorate General of Foreign Trade (DGFT) has decided to operationalise a new online module for filing of electronic registration by exporters for Interest Equalisation Scheme (IES) from 1st April 2022, to capture granular data about the beneficiaries of the scheme and its effective monitoring.

Exporter seeking benefit under the Interest Equalisation Scheme have been asked to apply online by navigating to the DGFT website, said the trade notice.

A Unique IES Identification Number (UIN) will get generated automatically which is required to be submitted to the concerned bank when availing Interest Equalisation against their pre and post shipment rupee export credit applications.

The UIN generated has 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 UIN number needs to be submitted to the concerned bank along with the prescribed application by the bank, if any, for availing benefit under IES.

DGFT has made it mandatory for exporter to submit UIN acknowledgment to concerned bank for all applications made on or after 1st April, 2022.

However, banks will continue to scrutinize and issue benefits as per their own internal process and the guidelines for the bank for validation of submission made by the exporter are being issued separately through RBI.

Earlier in this month Interest Equalisation Scheme (IES) was extended upto 31st March, 2024 which was highly anticipated by the Exim community. (KNN Bureau)