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.