FEDAI rules related to import transactions
The FEDAI Rules (10th edition) for import transactions came in to force with effect from 01 April 2019. The FEDAI rule 3.1 deals with the application of exchange rate, rule 3.2 deals with the application of Interest, rule 3.3 deals with crystallisation of Import Bill under Letters of Credit as detailed below; Application of exchange…
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FEDAI RULEs related to export transactions
The revised FEDAI Rules (10th edition) for export transactions came in to force with effect from 01 April 2019. The FEDAI rule 2.1 deals with Post shipment Credit in Rupees, Application of Interest, Normal Transit Period, Substitution/Change in Tenor, and Export Bills sent for collection. Post shipment credit in Rupees:The exchange rate for post-shipment Foreign…
Read article FEDAI rules related to clean instruments/ inward remittance
The 10th edition of FEDAI Rules came in force from 01 April 2019. The FEDAI rule 4.1 deals with Outward Remittance, Rule 4.2 deals with encashment of foreign currency notes and instruments, Rule 4.3 deals with Payment of foreign inward remittance, Rule 4.4 deals with the applicable exchange rate for conversion of the foreign currency,…
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Key Procedural Requirements for Filing Claims under ECGC Policies
Under the export credit insurance framework of the Export Credit Guarantee Corporation of India (ECGC), policyholders are required to follow specific procedures when filing claims for loss. Adherence to these procedural requirements ensures that claims are processed smoothly and efficiently, in accordance with the terms and conditions of the policy. The following are some common…
Read article Supplementary Aspects Relating to ECGC Policies and Guarantees
The Export Credit Guarantee Corporation of India (ECGC) plays a pivotal role in promoting India’s international trade by offering a suite of insurance policies and guarantees designed to mitigate the diverse risks faced by exporters and their financiers. These instruments protect against non-payment by overseas buyers due to commercial or political factors and help financial…
Role of ECGC and Its Product Offerings for Exporters and Banks
The Export Credit Guarantee Corporation of India (ECGC) plays a critical role in supporting Indian exporters by providing comprehensive insurance coverage against the risks associated with international trade. These risks may arise from commercial failures or political uncertainties in the buyer’s country. ECGC’s suite of policies and guarantees helps exporters mitigate such risks and promotes…
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