There are two important factors for an exporter to purchase 100% advance payment.
1. There should be a good understanding between both exporter and importer.
2. The demand for the product being exported should be very high in this country.
100% cash advance is possible only because of these two reasons.
ECGC is helpful for various payment methods.
Covers LC and Non-LC payment methods.
For example, payment methods like DA, DP, CAD, OD, TT, etc.
Many exporters do not have a full understanding of General Insurance and ECGC.
General insurance should be taken for the damages incurred while transporting the goods.
ECGC fully hedges non-payment risks.
The following safety measures can be taken by ECGC.
1. If an importer becomes insolvent…
2. Refusal to take the goods in the context of the fact that the importer will take the goods and sell them at a loss.
3. Refusal to take the item for other reasons.
4. In case of insolvency of LC issuing bank.
5. When the importing country stops cash transactions..
6. When the importing country delays payment.
7. When there is civil war and political instability..
8. When importation of goods is prohibited in the particular country after shipment.
9. Ecgc gives a guarantee to the exporter's bank for obtaining a loan in case of export of goods to an importer certified by ECGC.
10. As of today, they have the data of more than three lakh importers.
11. They cover about 737 countries...
12. All countries are divided into 7 regions based on risk.
13. ECGC coverage risk to stock holding agents by the Indian exporter in another country.
14. The risk incurred when the product is procured from another country and supplied to another country without bringing the product to India is borne by them.
15. ECGC charges a minimum of 0.007% to a maximum of 3.25% for the above various services.
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