ECGC cover for exports to Russia

MUMBAI, NOV. 27. The Export Credit Guarantee Corporation of India (ECGC) will consider granting export cover for tea and tobacco against credit terms up to 180 days under the debt repayment mechanism (DRM) in respect of exports to Russia.

This cover would be granted on contract-to-contract basis on payment of specific approval fee as applicable to restricted cover countries, ECGC said in a release here today.

The rate of premium applicable to group B1 countries would be charged on such transactions, in accordance with terms of payment for the relevant transactions with 75 per cent of losses covered, it said.

Commercial cover for individual transactions would be subject to approval of credit limits on the respective buyers in the normal course and the exporter complying with all relevant procedural formalities stipulated by reserve bank of India for export under DRM, it added.