DGFT informs about the steps taken by Department of Financial Services (DFS) with regard to Disruption on account of Corona Virus

Mar 13, 2020 | by Avantis RegTech Legal Research Team


Finance & Taxation Compliance

The Directorate General of Foreign Trade (DGFT) on March 12, 2020, informs that Department of Financial Services has taken steps with regard to Disruption on account of Corona Virus.

Therefore, 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 or 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 or ramping up of the production as a fall out of the epidemic and to provide the requisite hand-holding support to the units concerned.

Insurance Regulatory and Development Authority of India (IRDAI) has been requested to assess or review the existing insurance products or 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.

[Trade Notice No. 55/2019-20]


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