The Ministry of Commerce & Industry, Department of Commerce has issued a Trade Notice with regard to the steps to be taken by the Department of Financial Services with regard to disruption on account of the coronavirus. The Department of Financial Services covers the functioning of Banks, Financial Institutions, Insurance Companies and the National Pension System.

The notice states:

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.

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

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

This issues with approval of the Competent Authority.

Access the full text of the Trade Notice here.

To explore business opportunities, link with me by clicking on the 'Invite' button on our eBiz Card.

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.