IES ( INTEREST EQUALIZATION SCHEME )
IES ( INTEREST EQUALIZATION SCHEME )
(a) The Interest Equalisation Scheme for pre and post shipment rupee export credit is formulated to provide credit to the exporters at competitive rates. It is a tool for reducing the high cost of credit incurred by Indian exporters viz-a-viz their foreign counterparts. The scheme provides for specified interest rate subvention to all MSME exporters exporting any HS line and to merchant and large exporters exporting along the specified lines.
(b) The scheme is governed as per the guidelines issued by RBI from time to time. RBI implements this scheme through SCB and UCB banks and funds for the scheme are provided by DGFT/DoC. Currently, the Scheme is being jointly monitored by DGFT and RBI through a digitized monitoring mechanism
How it works
An exporter desiring to obtain an RCMC has to file an application in Form ANF 2C with the concerned Export Promotional Council (EPC) and declare his mainstream business in the application
According to the category of exporter as manufacturing exporter or merchant exporter, exporter has to submit the requisite documents and proofs.
Each of the Export Promotion Councils and commodities boards in India categorizes itself according to the Type of products.
- In case an export product is not covered by any Export Promotion Council/Commodity Board etc., RCMC in respect thereof is to be obtained from FIFO.
- Further, in case of multi-product is yet to be settled, the exporter has an option to obtain RCMC from the Federation of Indian Exporters Organization (FIEO).
- Regarding multi-product exporters having their head office/registered office in the North Eastern States, RCMC may be obtained from Shellac & Forest Products Export Promotion Council (except for the products looked after by APEDA, Spices Board, and Tea Board).
- Regarding multi-product exporters having their head office/registered office in the North Eastern States, RCMC may be obtained from Shellac & Forest Products Export Promotion Council (except for the products looked after by APEDA, Spices Board, and Tea Board).
- In respect of exporters of handicrafts and handloom products from the State of Jammu & Kashmir, the Director, Handicrafts, Government of Jammu & Kashmir, is authorized to issue Registration Cum Membership Certificate (RCMC).
Quality Services
Clients Satisfaction
Planning & Strategy
DGFT Common Digital Platform (e-RCMC Module)
DGFT has launched the Common Digital Platform (e-RCMC) module as part of the IT Revamp project. The standard digital platform is single-point access for e-filing RCMC/RC for all exporters/importers and Issuing agencies.
Features of e-RCMC Module:
- It facilitates Electronic (Paperless & contactless) and Real-Time Issuance of Certificate.
- It provides the Single Source of Information – IEC Details are auto-authenticated.
- Auto-generation of invoices by the System is an essential feature of this module.