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@ IndianExpress

Government to cut insurance premium rates for small exporters

Exporters with outstanding limits of less than Rs 80 crore may soon enjoy lower premium rates on their insurance. The Commerce Ministry has enhanced the insurance cover of banks up to 90% from 60% currently “for the working capital loans and moderation in premium incidence for the MSME sector.” For accounts with limits below Rs 80 crore, the premium rates will be moderated to 0.60 pa. For those exceeding this limit, it will be 0.72 pa. Adding to it, the premiums will be divided into two categories—exporters of gold, jewelry and diamond, and exporters of non-gold, jewellery and diamond products.

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