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of <h1>Banks Can Write Off Export Bills Settled by IRDA-Registered Insurers, Expanding Beyond ECGC; No 10% Cap Limit.</h1> The circular allows Authorized Dealer Category - I banks to write off export bills settled by insurance companies registered with the Insurance Regulatory and Development Authority (IRDA), in addition to those settled by the Export Credit Guarantee Corporation (ECGC). This decision follows representations from exporters and trade bodies and aims to liberalize procedures. Banks can write off these bills upon receiving an application from exporters, supported by documentary evidence of claim settlement and surrender of export incentives. The write-off is not limited to the previous 10 percent cap, and claims settled in Rupees should not be considered foreign exchange export realization.
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