Govt caps interest equalisation at Rs 1.66 crore per IEC for July-August

The Indian Commerce Ministry has announced a cap on interest equalisation for import-export codes (IEC) from July 1 to August 31. The government extended the interest equalisation scheme (IES) for two months to boost outbound shipments. The scheme, which ended on June 30, is only applicable to MSME manufacturer exporters. The IEC is mandatory for exports and imports.