New Delhi, Sep 14 (IANS) Finance Minister Nirmala Sitharaman on Saturday introduced RoDTEP - Remission Of Duties for Export Products - to replace the existing Merchandise Export From India (MEIS).

Revenue foregone as a result of RoDTEP implementation would be Rs 50,000 crore, she said.

RoDTEP will replace the existing Merchandise Export From India (MEIS).

Sitharaman also announced interest equalisation for MSMEs to 5 per cent from 3 per cent. She said for small procedural defaults, small tax payers would not be prosecuted.

She added that all communications with assesses will be through technology or complete faceless dealings.

Sitharaman said the PSU banks are transmitting rate cuts and on September 19, she will meet bank PSU heads on this and discuss credit flows and the progress on rolling out partial credit scheme for PSU banks for buying high rated NBFC asset pools.

--IANS ans/kr