6C.17
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Shipments Lost in Transit
When shipments from India for which payment has not already been received either by negotiation of bills under letters of credit or otherwise are lost in transit, authorised dealer must see that insurance claim is made as soon as loss is known. The duplicate copy of GR/PP form should be forwarded to Reserve Bank with following particulars regarding insurance:
(a) Amount for which shipment was insured.
(b) Name and address of insurance company
(c) Place where claim is payable.
In cases where claim is payable abroad, authorised dealer must arrange to collect the full amount of claim due on the lost shipment, through the medium of his overseas branch/correspondent and forward the duplicate copy of GR/PP form to Reserve Bank only after the amount has been collected. A certificate for the amount of claim received should be furnished on the reverse of the duplicate copy.
NOTE: Sometimes claims on shipments lost in transit are also partially settled directly by shipping companies/airlines under carriers liability. Authorised dealers should ensure that amounts of such claims if settled abroad are also repatriated to India by exporters.