FTP - Processing of claims where an exporter gets payment by Insurance Agencies (not through banks).
DGFT has introduced two new Paragraphs 2.25.2 (a) & (b) in the Handbook of Procedures (Vol. I) 2009-14 for prescribing a procedure for processing of claims in respect of realization of export proceeds through insurance agency:-
2.25.2 (a) An applicant realizing export proceeds through Insurance Agency will approach the concerned RA with the proof of payment issued by the concerned Insurance Agency. RA after satisfying itself of the bona fide of the claim, will obtain approval of Additional DGFT (EDI) and then will upload the value (in lieu of eBRC value) in EDI system of DGFT for processing of the case.
(b) If the proof of payment issued by the Insurance Agency mentions claim value both in foreign exchange and INR, RA will use the foreign exchange value for processing. If the claim value is mentioned only in equivalent INR, RA will convert this INR value in equivalent USD using the exchange rate (published by CBEC) applicable on the date of settlement of insurance claim.
DGFT Public Notice No. 47/2009-2014 (RE- 2013), Dated: January 08, 2014