PSBs advised to set up special cells to provide aid to industry, MSMEs hit by coronavirus: DGFT to traders

The commerce ministry on Thursday said all public sector banks have been advised to immediately set up special cells to provide full assistance to industry and MSME units affected by the coronavirus outbreak.

In a trade notice to all regional offices of the DGFT, export promotion councils and commodity boards, the Directorate General of Foreign Trade said the Department of Financial Services has issued these instructions in view of situation arising due to the coronavirus outbreak.

All the banks have also been advised to clearly inform their customers about all the document/procedural requirements in one go and to accept self-certification in this regard wherever possible and applicable so that their funds can be remitted without any problems due to procedural deficiencies.

"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," the DGFT said.

All regional authorities, councils, and boards are requested to bring this information to the notice of all exporters and importers, it added.