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Forex norms for insurance

Mumbai, Sept. 13: The Reserve Bank of India (RBI) today ruled that payment of premium for marine insurance policies on exports from India and non-marine insurance cover on risks inside the country on assets owned by residents may be issued only in rupees.

This came as a part of its Memorandum of Exchange Control regulations relating to general insurance. In a notification issued today, the central bank said payment of premium for marine insurance policy on exports from India may be accepted in rupees provided the exporters furnish to the insurer a certificate to the effect that insurance charges on the shipment have to be borne by him and he is not making the payment on behalf of any non-resident.

The RBI said while certain countries have restrictions requiring importers there to obtain marine insurance cover from local insurers, insurers here, may issue in such cases, contingency policies to exporters to protect their interests.

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