Sponsored
    Follow Us:
Sponsored

Ministry of Commerce & Industry
Department of Commerce
Directorate General of Foreign Trade

Trade Notice No. 55/2019-20

New Delhi, dated 12 March, 2020

To

1. RA’s of DGFT

2. All EPCs /Commodity Boards

Subject: Steps taken by Department of Financial Services (DFS) with regard to Disruption on account of Corona Virus.

It is to bring to the notice of all concerned that Department of Financial Services (DFS) has issued the following instructions vide their OM No.12/01/2020-B0.11 dated 04.03.2020 in view of situation arising due to Corona virus (copy enclosed):

a) All Public Sector banks(PSBs) have been advised:

i) to immediately set up special cells to provide full assistance required to industry segments and MSME units affected by Corona Virus and to process such request for assistance with the requisite sensitivity;

ii) to clearly inform their customers about all the documents/procedural requirements in one go and to accept self-certifications in this regard wherever possible and applicable so that their funds can be remitted without any problems due to procedural deficiencies; and

iii) to identify opportunities for import substitution/ramping up of the production as a fall out of the epidemic and to provide the requisite hand-holding support to the units concerned.

b) Insurance Regulatory and Development Authority of India (IRDAI) has been requested to assess/review the existing insurance products/policies so as to ensure risk cover against loss due to abnormal delay in delivery of shipments in the current scenario and that the terms and conditions of such policies may be allowed to be suitably modified wherever

2. All RA’s/ All EPCs/Commodity Boards are therefore requested to bring it to the notice of all Exporters/Importers.

3. This issues with approval of the Competent Authority.
Enclosed: As above.

(Kumar Rahul)

Joint Director General of Foreign Trade

(Issued from File No.95817/ADG (RPG)/20-21)/919

Download Full Text of Trade Notice

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Ads Free tax News and Updates
Sponsored
Search Post by Date
December 2024
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031