Insurence hope for exporters

Statesman News Service

MALDA, Aug 20: Apart from big cities like Kolkata and Mumbai, the Export Guarantee Corporation of India Ltd, a government of India enterprise, has planned to set up its branches in small towns, such as Malda, Siliguri, Ranchi and Jamshedpur in eastern India, assistant general manager of ECGC, Kolkata, Mr JK Mahapatra, said. Addressing a seminar on ECGC schemes here yesterday, Mr Mahapatra said that the ECGC would introduce its branch in Malda soon and offer insurance coverage to exporters on gross investment of their business with other countries. “The ECGC would cover risk of losses in case of any discrepancies in transaction between exporters and importers through banks,” Mr Mahapatra, added. Mr PS Murali, assistant general manager, ECGC (bank business), Kolkata, said: “We are consulting with banks for export credit insurance as well. The scheme was meant for only Kolkata exporters in West Bengal. However, after the setting up of the ECGC branch here, insurance facilities would also be offered to the Malda exporters.” Mr Murali added that the objective of the ECGC behind launching its branches in small towns is to develop economy through exporters’ development so that they could focus on export only.“We would cover the risk of any business losses if they failed to realise money from foreign importers,” Mr Muruli, added. The ECGC officials interacted with the exporters here and sought their suggestions to make new insurance policy besides ECGC’s existing 14 policies for exporters’ insurance coverage. The Central Bank of India officials were also present at the seminar. Mr Ujjal Saha, an exporter, pointed out that the Malda exporters failed to collect a sum of Rs 200 crore from the Bangladeshi importers through Bangladeshi banks. “The Federation of Indian Exporters’ Organisation has taken up the matter seriously,” Mr Saha, said. Mr Mahapatra has sought a written statement from the Malda exporters about the problem of realisation of money from the importers in Bangladesh so that they could bring the matter to the notice of senior authorities.