'Govt taking serious measures over imports': MoS Anurag Thakur amid Coronavirus outbreak

MoS for Finance and Corporate Affairs Anurag Thakur on Sunday said that government is taking serious measures with regards to imports, in order to contain increasing spre of dely Coronavirus. Anurag said that necessary feedback has been taken from sectors that will be affected due to Coronavirus, which has claimed lives of 2,870 people in mainland China alone.

"Our government is most serious among ors when it comes to coronavirus. finance minister has alrey talked about important imports. We have also taken feedback from sectors that will be affected due to Coronavirus. We will look for or alternatives," said Anurag Thakur at a press conference. 

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Furr, Minister said that spre of disease also gives  opportunity to look into sectors that can improve and grow. Earlier in February, Finance Ministry called a meeting to discuss impact of Coronavirus outbreak and its disruptions to Indian export and import.

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Finance Ministry may invoke Force Majeure if virus disrupts supply chains

India's Ministry of Finance said disruption of supply chain from China or any or country, due to coronavirus (COVID-19) scare, would be considered as a case of natural calamity.

In an official memorandum, Ministry also stated that a Force Majeure Clause may be imposed in suitable cases.

A Force Majeure (FM) indicates extraordinary events or circumstance that are beyond human control such as an act of God (a natural calamity) or situations such as war, strike, riots, crimes (excluding negligence or wrong-doing, predictable/ seasonal rain and any or events specifically excluded in clause), Finance Ministry said.

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An FM clause in contract releases both parties from contractual liability or obligation when such events occur and cause disruption in fulfilling ir commitments under contract, memorandum re.

FM clause does t exempt a party from neglecting ir responsibilities entirely, but only suspends it for duration of FM. memo furr said that firm has to give tice of FM as soon as it occurs and it cant be claimed ex-post facto.

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