CURRENT AFFAIRS

Detailed explanation-1: -The extension takes effect from October 1, 2021 and ends on March 31, 2024. The modifications made by the Government to the Scheme are detailed below: 2.1 ‘Telecom Instruments’ sector having six HS lines 1 shall be out of the purview of the Scheme, except for MSME manufacturer exporters.

Detailed explanation-2: -Under this, all GST-registered MSMEs can get a 2% interest subvention on fresh or incremental loans. The objective of the scheme is to help MSMEs expand the scope of their operations by giving them access to cheaper credit facilities.

Detailed explanation-3: -2. As announced in the Monetary Policy Statement 2022-23 dated September 30, 2022, the Bank Rate is revised upwards by 50 basis points from 5.65 per cent to 6.15 per cent with immediate effect.

Detailed explanation-4: -This interest subvention will be calculated on the loan amount from the date of disbursement/drawal up to the date of actual repayment of the loan by the farmer or up to the due date of the loan fixed by the banks, whichever is earlier, subject to a maximum period of one year.