Skip Ribbon Commands
Skip to main content
Ministry of Industry, Commerce and Consumer Protection (Industry Division)

Exchange Rate Support Scheme (ERSS)


Guidelines
 
The export sector is facing serious challenges, in particular manufacturing exports have been declining.
Enterprise Mauritius  is currently operating the Speed to Market Scheme to boost exports and improve product delivery time. To further support the export sector, Government has set up an Exchange Rate Support Scheme (ERSS) for the export oriented enterprises. A special desk to receive and assess the claims of exporters and make the necessary payments under the ERSS will be operated at the Ministry of Industry, Commerce and Consumer Protection (Industry Division).
 
Objectives
 
To provide  temporary support to exporters who are facing the impact of the sharp depreciation of the US dollar.
 
Main Provisions
 
·       The Scheme applies to the Export Oriented Enterprises (EOE) (including the textiles, seafood, jewelry and emerging exports to Africa) exporting in US dollar.  The measure will also benefit the small exporting enterprises but excludes the sugar sector.
 
·       The reference rate of Rs 34.50 to the dollar is being  used for determining the quantum of the exchange rate support.
 
·       The support to EOEs will be equal to the difference between the reference rate of 1USD =  Rs 34.50 and the rate at which the EOE has exchanged proceeds of its exports invoiced in US dollars, subject to a maximum of Rs 2.50 per US dollar.
 
·       The FOB value of exports of goods in US dollar will be used for computation purposes.
 
·       The Scheme is valid  for a period of 6 months based on receipts for exports effected as from Monday 11 September 2017 up to Saturday 10 March 2018. Claims for refund along with the specified supporting documents should be submitted to this Ministry on a monthly basis. No claims will be considered after 16 July 2018.
 
·       The shipment date of the consignment will be considered as the effective export date for the computation of the financial support.
 
·       Payments will be made on a monthly basis, starting from 2 October 2017. Prior to effecting payment, any information disclosed by the applicant will be assessed by the Ministry, while exchange rate transaction will be cross-checked  by the Bank of Mauritius and export date will be verified by the MRA.
 
·       Any non-EOE manufacturing firm exporting in US dollar and wishing to avail of the Scheme will have to contact the Ministry.
 
Application for the Scheme
 
Exporters qualifying for the above scheme and wishing to take advantage thereof should submit their application, in hard and soft copies, on the prescribed ERSS Claim Form available on the Ministry's website http://industry.govmu.org , to the ERSS Cell at the Ministry of Industry, Commerce and Consumer Protection (Industry Division), 7th Floor, Air Mauritius Centre, John Kennedy Street, Port Louis, along with supporting documents. 'ERSS' should be clearly marked on the envelope. The soft copy should be emailed to erss@govmu.org.
 
The following supporting documents are required along with the prescribed application form:
1. Copy of Bill of Lading
2. Copy of Export Declaration Form
3. Copy of Commercial Invoice
4. Copy of Letter of Credit
5. Commercial Bank Exchange Transaction Documents
 
 
Downloads
 
 
 
Caution
 
The Ministry of Industry, Commerce and Consumer Protection (Industry Division) reserves the right to exercise post disbursement control of funds and in case any fraudulent declaration is detected, the following may apply:
1) The company will not be eligible for any subsequent support; and
2) Legal action will be taken to recover the amount already refunded. The company may also be liable to prosecution.
Contacts
For any additional information on the Scheme, the Assistant to Head of the Business Information Unit, may be contacted on 210 0031 (Ext 275) or email erss@govmu.org
  
Ministry of Industry, Commerce and Consumer Protection (Industry Division)
 
4 October 2017