Higlights on Interest Subvention Scheme and procedural simplification


 Widening of Interest Subvention Scheme


At present, 2% interest subvention scheme is available to certain specific sectors like Handicrafts, Handlooms, Carpets, Readymade Garments, Processed Agricultural Products, Sports Goods and Toys. The scheme had been further widened to include 134 sub-sectors of engineering sector. Government had also announced that the benefit of this scheme of 2% interest subvention could be available upto 31.03.2014.

 2  Government  has  now  decided  to   further  widen  the  scheme  to include  items  covered  under  Chapter  63  of  ITC  (HS)  (other  made up textile articles, sets, rags) and additional specified tariff lines of engineering sector items under the scheme. These sectors would be able to avail benefit under this scheme during the period from 01.05.2013 to 31.03.2014.


             Ease of Documentation and procedural simplification


1 Submission of physical copies of IEC and Registration-cum-Membership Certificate (RCMC) with individual application has been dispensed with.


2  It has been decided to dispense with submission of hard copy of EP copy of shipping bills in case of (a) advance authorization(b)   duty free import authorization for grant of Export Obligation Discharge Certificate (EODC) if exports are made through EDI ports.


3   Application fee can be paid either in cash or through demand draft or through EFT. Now exporters/importers would be allowed shortly to utilize their credit card for payment of such application fee.

        4   Existing procedures contained in para 2.20A of Handbook of Procedures related to execution of bank 

        guarantee / legal undertaking stands deleted.


5    In  order  to  facilitate  IT  exports,  we  have  extended  the  facility  of "work from home" to STPI / EOUs / BTPs / EHTPs.