Nepali Importers Get Cargo Duty Insurance Subsidy in Kolkata
19 September 2019
The Kolkata Customs of the Government of India has granted an 84.33% subsidy for Nepali cargo duty insurance, according to a report published by My Republica. The report also noted that India’s Customs office granted Nepali importers the flexibility to buy insurance from private companies beginning 12 September.
A duty insurance is charged to Nepali importers transshipping goods via India. This subsidy brings down the cost of insurance for Nepali cargoes from 30 paisa (around $ 0.0042) per Indian Rs 100 (around $ 1.4) to 5 paisa (around $ 0.0007) per Indian Rs 100.
Nepal’s traders and other stakeholders lauded the move as an important incentive for Nepal's third country trade.
In addition, Kolkata Customs also provided Nepal importers the leeway to buy insurance from private companies beginning 12 September.
Mr. Ek Naryan Aryal, Consulate General of the Government of Nepal at Kolkata, noted that this decision will benefit Nepali importers, and contribute to reducing the cost of doing business.