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21/09/2022 03:03pm

MSME Ministry announces Scheme to reimburse ECGC Policy premium

image MSME Ministry announces Scheme to reimburse ECGC Policy premium

New Delhi, Sept 21 (KNN) The Ministry of MSME has appointed Export Credit Guarantee Corporation of India (ECGC) Ltd. as the implementing agency for the ‘Capacity Building of First Time MSE Exporters’ (CBFTE) component of International Cooperation (IC) Scheme.

On Tuesday, a MoU was signed between the Ministry and ECGC Ltd in New Delhi in the presence of MSME Secretary B. B. Swain.

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Under the pact, the export credit insurance premium paid by the MSE exporters, holding the ECGC Small Exporter’s Policy, will now be eligible for reimbursement from the Ministry of MSME.

The grant under the scheme will be released to ECGC on reimbursement basis by the Ministry of MSME, on submission of the reimbursement claim in the proforma accompanied by the documents as prescribed by the Ministry.

The amount received from the Ministry of MSME, will then be transferred by ECGC to the beneficiaries.

The maximum reimbursement to an exporter in a financial year will be Rs 10,000/- or actual, whichever is lower.

Micro and Small Enterprise (MSE) must have a valid Udyam Registration and the Import Export Code No. of the MSE must not be older than 3 years on the date of export shipment to be eligible for availing the benefits under the scheme.

The scheme is applicable to the MSE exporters engaged in the Manufacturing Sector. (KNN Bureau)

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