Page 111 - ELT_1_1st April 2020_Vol 372_Part

2020 ] FOREIGN TRADE POLICY E21

Corona Virus — Steps taken by DFS to Disruption on
account of Corona Virus

[Add on page 1398 of 25th Edition of FTP & Handbook of Procedures, Vol. 1, 2019-20]
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.
12/01/2020-BO.II, dated 4-3-2020 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 docu-
ments/procedural requirements in one go and to accept
self-certifications in this regard wherever possible and ap-
plicable 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 prod-
ucts/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/Importers.
3. This issues with approval of the Competent Authority.
Enclosure

F. No. 12/01/2020-BO.II
Government of India
Ministry of Finance
Department of Financial Services

3rd Floor Jeevan Deep Building
10, Parliament Street. New Delhi
Date 4th March, 2020

OFFICE MEMORANDUM
Subject : Disruption on account of Corona Virus
This is with reference to the Department of Commerce (DoC)’s DO No.
EXCISE LAW TIMES  1st April 2020  159