New Delhi: The Department of Commerce has extended the timelines under Component II of Resilience and Logistics Intervention for Export Facilitation (RELIEF) until the 31st March of next year. The Ministry of Commerce and Industry said that the extension has been notified in view of continued geopolitical disruptions in West Asia and their impact on maritime logistics across the Gulf and adjoining regions. RELIEF is a time-bound intervention under the Export Promotion Mission.
Component II of the initiative aims to encourage exporters to obtain Export Credit Guarantee Corporation of India cover for upcoming shipments to specified regions by providing 95 per cent risk coverage. The benefit is available for Standalone Policies and Whole Turnover Policies obtained on or after 16th of this year.
Under this component, the premium payable by eligible exporters is protected against increases beyond pre-disruption levels during the eligible period. The covered cargo categories include Full Container Load, Less than Container Load and refrigerated containers, excluding energy shipments. Exporters seeking coverage under the RELIEF initiative are required to submit claims and supporting documents through the ECGC customer portal at www.ecgcltd.in.
RELIEF launched on 19th of March this year, is a targeted intervention to support Indian exporters facing extraordinary freight cost escalation, higher insurance premia and war-related export risks arising from disruptions in the Gulf and the wider West Asian maritime corridor.
[AIR news]