Official export credit agencies: India

Export Credit Guarantee Corporation of India (ECGC)

10th Floor

Express Tower

Nariman Point

Bombay 400 021

India

Tel: [phone]

Fax: [phone]

Tlx: 11 85918 ECGC IN

E-mail: [email protected]

Chairman and managing director: Mr B. B. Sharma

Contact: Manoj Kumar

Fax: [phone]

E-mail: [email protected]

Ownership structure: 100% sovereign

Function:

Provides guarantees and insurance

Institution

The Export Credit Guarantee Corporation of India (ECGC) was set up by the government of India in 1957. It provides credit insurance to support Indian exports.

Guarantees

The packing credit guarantee covers pre-shipment advances given by a bank to an individual exporter for the purchasing, manufacturing, processing and packing of goods for export:

* The premium for this guarantee is 10 paise per Rs l00 per month on the highest amount outstanding during the month.

* The whole turnover packing credit guarantee covers pre-shipment advances to all the exporter clients of the bank. The percentage of cover is 75%.

* The premium payable is seven poise per Rs100 (0,07%) per month on the average daily balance during the month.

The export production finance guarantee covers advances granted to individual exporters at the pre-shipment stage for purchasing, manufacturing, processing and packing and against export incentives receivable:

* The percentage of cover is 66.66%.

* For banks taking a whole turnover packing and credit guarantee, the percentage is increased to 75%.

* The premium payable is the same as those applicable to the guarantees mentioned above.

The post-shipment guarantee covers advances granted to individual exporters at the post-shipment stage by purchase/ negotiation/discount of export bills, or loans given against export bills handled on a collection basis:

* The percentage of cover is 75%.

* The premium payable for its guarantee is seven paise per Rs 100 per month on the highest amount outstanding during the month.

The whole turnover post-shipment guarantee is granted to cover all exporter clients of the bank:

* The percentage of cover is 60% in the case of non-policyholders and 85% for policyholders.

* The premium payable is five paise per Rs-100 per month on the average daily balance during the month, if all letter of credit transactions are also covered. Otherwise, the premium is raised to six paise per...