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ORGANISATION COVERING CREDIT RISK : There are 40 organization providing cover for credit risk, the worldover. They are all member of union International Union of credit and Investment Insurance also popularly known as Bewne Union. In most countries these organization are government controlled through a few of them are privately owned In India we have the Export Credit Guarantee Corporation Of India Limited to cover exports credit risks This is a Government Of India enterprise.
In the very first decade of our Independence, the Government realised the importance of promoting exports. A number of organisations were set up for this purpose. It was felt that one of the serious handicaps faced by Indian exporters is the risk that they might not get pad for the shipments made by them. In fact, it acted as a serious deterrent to our export efforts.
It was in July, 1957 that the Government of India set up the Export Risk Insurance Corporation of India (ERIC) with its Head Office in Bombay. 111 course of time, the ERIC started providing various guarantees to bankers providing export finance. It was therefore decided in 1964 to rename the corporation 'Export Credit and Guarantee Corporation
Limited. To bring the Indian identity into sharper focus, the Corporation's name was once again changed in 1983 to 'Export Credit Guarantee Corporation of India Limited', (ECGC). The ECGC is a company wholly owned by the Government of India. It functions under the administrative control of the Ministry of commerce and is managed by the Board of Directors representing Government, Banking, Insurance, Trade and Industry, etc.
OBJECTIVES OF EXCHANGE CONTROL : Most of the developing countries including India, found it necessary to continue exchange control introduced during the Second World War on a syst
Export promotion Capital Goods Scheme: Capital goods both new and second hand, may be imported under the Export promotion Capital Goods (EPCG) Scheme. The import of second hand ca
Advance against Incentives : When the value of the materials to be procured for export is more than FOB value of the contract, the exporters may get packing credit advance more th
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just give an example of firm write about socially responsible indicating brief desciption?
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Legal Perspective : Besides commercial necessity, documents for exports have a legal perspective. All over the world, laws regulating export-import trade as we11 as movement of fo
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