(ECGC) functions under the ministry of commerce and industry, Department of Commerce, Government of India. It is a central government. Edit, Fill Out, Print & Download Top Forms from a Huge Online Library ✓ Fast and easy ✓ Find objectives and functions of ecgc in Word & PDF on. The ECGC Limited is a company wholly owned by the Government of India based in Mumbai, Contents. 1 History; 2 Functions; 3 Facilities by ECGC; 4 Need for export credit insurance; 5 Notable Records; 6 References; 7 External links.
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ECGC Ltd, was established in July, to strengthen the export promotion by covering the risk of exporting on credit. It is managed by an Asset Management Company comprising representatives of the Government, Reserve Bank of India, banking, insurance and exporting community.
Export Credit Guarantee Corporation of India (ECGC)
ECGC Ltd is the seventh largest credit insurer of the world in terms of coverage of national exports. The present paid-up capital of the company is Rs.
Payments for exports are open to risks even at the best of times. The risks have assumed large proportions today due to the far-reaching political and economic changes that are sweeping the world.
An outbreak of war or civil war may block or delay payment for goods exported. A coup or an insurrection may also bring about the same result.
Economic difficulties or balance of payment problems may lead a country to impose restrictions on either import of certain goods or on transfer of payments for goods imported. In addition, the exporters have to face commercial risks of insolvency or protracted THE default of buyers. The commercial risks of a foreign buyer going bankrupt or losing his capacity to pay are aggravated due to the political and economic uncertainties. Export credit insurance is designed to protect exporters from the consequences of the payment risks, both political and commercial, and to enable them to expand their overseas business without fear of loss.
Under this agreement protection is available against political and economic risks such as transfer restriction, expropriation, war, terrorism and civil disturbances etc ECGC ltd now offers various products for the exporters and bankers. From Wikipedia, the free encyclopedia.