Posted on 10 June 2022
Special Schemes of ECGC
Special schemes consist of bundle of covers addressing the needs of banks and Investors in foreign venture. These schemes are targeted at specific audiences such as banks, investors in foreign countries and exporters taking up long term projects abroad, covering distinct risks faced by them.
ECGC offers three types of special schemes:
(a) Transfer Guarantee: Transfer Guarantee Scheme is provided to safeguard banks in India against losses arising out of
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Posted on 10 June 2022
Financial Guarantees of ECGC
In order to provide financial assistance to the exporters through commercial banks and other financial institutions, ECGC guarantees various loans provided by these financial intermediaries to the exporters. Due to the guarantees given by the ECGC, commercial banks can liberally lend money to the exporters. The main types of guarantees offered are:
(a) Packing Credit Guarantee: Any loan given by exporter at the banks to an expo pre-shipment sta
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Posted on 27 April 2023
Procedure for Realisation of Export Proceeds
The following is the Procedure for the realisation of export proceeds:
(a) Presentation of Documents to the Bank for Negotiation: After shipment of goods, the exporter is required to submit the shipping documents to an authorised dealer Within 21 days of the date of Shipment for negotiation, Submission of relevant documents to the bank and process of getting the payment from the bank is called "Negotiation of the Documents” an
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Posted on 27 April 2023
Advantages of Indian Customs EDI System
Some of the benefits of Indian Customs EDI System are:
(a) Speed: EDI System is fully-automated, quick and paperless. This facilitates improved customs clearance and inspection procedures. Notifications of releases are speeded up as a result of the electronic releases being generated automatically.
(b) Time and Cost Savings: Computerization of customs procedures resulted in time and cost savings due to reduced n
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