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Indian ECGC announces regulatory relaxations for exporters
02 Apr '20
1 min read
Pic: Shutterstock
The Export Credit Guarantee Corporation of India (ECGC) recently extended time limit for all returns, extension requests and default notification of policyholders till up to 31 May and the deadline for filing claim, reply to claim queries, representations till June. The Specific Shipment Policy expiring in March was extended automatically up to June.
ECGC, which offers export credit insurance support to Indian exporters and is controlled by the ministry of commerce, also announced some measures for banks, according to its website.
It also took additional measures like waiving credit limit application fee till June 30 and reducing by half the policy proposal fee for policies due for renewal/issue from March 1 till June 30.
Exporters will decide about resale or reimport or abandonment for the shipments that reached destination but not cleared by overseas buyers due to lockdown in the destination countries.
The claim eligibility period (waiting period) has been reduced from the four months to a month.
ECGC, which offers export credit insurance support to Indian exporters and is controlled by the ministry of commerce, also announced some measures for banks, according to its website.
It also took additional measures like waiving credit limit application fee till June 30 and reducing by half the policy proposal fee for policies due for renewal/issue from March 1 till June 30.
Exporters will decide about resale or reimport or abandonment for the shipments that reached destination but not cleared by overseas buyers due to lockdown in the destination countries.
The claim eligibility period (waiting period) has been reduced from the four months to a month.
Fibre2Fashion News Desk (DS)
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