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E22 EXCISE LAW TIMES [ Vol. 372

30012/2/2020-FT (NEA) dated 19-2-2020 on the subject of the global disruption
caused due to the Corona Virus infliction.
2. In this context, the following action taken by the Department of
Financial Services (DFS) may kindly be taken note of :
(a) An interaction titled “Contextual Challenges and Opportunities in
Supply of Exports and Imports” was held on 18-2-2020, wherein the
Hon’ble Finance Minister interacted with all industry representatives
concerned on the challenges/opportunities impacting supply chains
for India’s imports and exports in the wake of Corona Virus.
(b) Post the interaction and the points which emerged from it. DFS has
written to all Public Sector Banks (PSBs) :
(ii) 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) in order to ensure that exporters/importers do not face any
hassles for their trade related remittances, to clearly inform
their customers about all the documents/procedural re-
quirements 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 production as a fall out of the epidemic, and to pro-
vide the requisite hand-holding support to the ends con-
cerned.
(c) DFS has also written to the insurance Regulatory and Development
Authority of India (IRDAI), highlighting that due to the outbreak of
Corona Virus in China, the deliveries of many essential goods which
are being supplied to/from the country are getting de-
layed/hampered. IRDAI has been requested to assess/review the ex-
isting 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.
DoC is requested to kindly bring the above to the notice of all the indus-
try bodies/Associations, so that industries/exporters/importers are able to con-
duct their banking and insurance related operations smoothly without any has-
sle.

(Sd/-)
Raghav Bhatt
Deputy Director

[Jt. D.G.F.T., New Delhi, Trade Notice No. 55/2019-20, dated 12-3-2020]

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