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Old December 5th, 2016, 02:01 PM
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Join Date: Apr 2013
Default Re: Export Credit Guarantee Corporation Of India ECG

I will let you know about Export Credit Guarantee Corporation Of India, Individual Packing Credit – (INPC) scheme.

A bank or a financial institution authorized to deal in foreign exchange can obtain the Individual Packing Credit Cover for each of its exporter clients who has been classified as a standard asset and whose CR is acceptable to ECGC

Eligible Advances:
All packing credit advances as per RBI guidelines.

Period Of Cover:
12 months

Protection Offered
Against losses that may be incurred in extending packing credit advances due to protracted default or insolvency of the exporter-client.

Percentage Of Cover:

12 paise per Rs.100 p.m. on the highest amount outstanding on any day during the month.

Maximum Liability:
66-2/3% of the Packing Credit Limit sanctioned and approved by ECGC

Important Obligation Of The Bank:
Monthly declaration of advances granted and payment of premium before 10th of succeeding month.

Approval of the Corporation for extension of due date beyond 360 days from due date to be obtained.

Default to be reported within 4 months from due date or extended due date of advances, if not recovered, filing of claim within 6 months of the Report of Default. Recovery action after payment of claim and sharing of recovery.

Export Credit Guarantee Corporation Of India
AC Market Complex, 9th floor, 1 Shakespeare Sarani, Kolkata – 700071 1 Shakespeare Sarani, Kolkata Kolkata 700071 India
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