Steps Taken by Dept of Financial Services to Disruption on Account of Corona Virus

[Trade Notice No. 55/2019-20 dated 12 March 2020]

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.l2/0l/2020-BO.II 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 necessary.

2. All RA's/ All EPCs/Commodity Boards are therefore requested to bring it to the notice of all Exporters/1mporters.

3. This issues with approval of the Competent Authority.

Enclosed: As above.