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The National Export Insurance Account (NEIA), launched in 2006, is a government-backed initiative aimed at providing insurance support to Indian exporters. Managed by the Export Credit Guarantee Corporation (ECGC), NEIA offers credit insurance for high-value projects in risky markets, ensuring that exporters are protected against payment defaults and political risks, thereby promoting trade confidence.
A Negotiable Document is a financial instrument guaranteeing the payment of a specific amount of money, either on demand or at a set time. It can be transferred by endorsement or delivery, giving the holder the right to collect the payment. For example, Promissory Notes, Bills of Exchange, and Performa
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A Non-Transferable Letter of Credit is a type of letter of credit that cannot be assigned or transferred to another beneficiary. Only the named beneficiary can claim payment under this letter of credit, ensuring that the specific exporter receives the funds, thus providing focused financial security and control over transactions
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A Nostro Account is a bank account that a domestic bank holds in a foreign bank in the foreign currency. It is used to facilitate international transactions and manage foreign exchange. For example, SBI opens a USD account in JPMC in New York is an example of Nostro Account. However
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An Ocean Bill of Lading is a document issued by a carrier for the shipment of goods by sea. It serves as a contract of carriage, a receipt for the goods, and a document of title, enabling the holder to claim the goods upon arrival at the destination port. It
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An On-Board Bill of Lading is a document issued by a carrier confirming that goods have been loaded onto the vessel. It provides proof of shipment, indicating that the goods are on board and the carrier has accepted responsibility. This document is crucial for the transfer of ownership and payment
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Outward remittance is the process of transferring funds abroad from home country. This includes payments for imports, investments abroad, and personal transfers. Outward remittances are regulated by foreign exchange laws and are processed through banks and authorized dealers to ensure compliance with international and domestic regulations.
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