CGTSI/(44)/807                                                        

November 15, 2001

All Member Lending Institutions

Circular No. 3 / 2001-02

Dear Sir,

Credit Advice by Member Lending Institutions

            As you are aware, guarantee cover in respect of individual accounts approved by CGTSI starts from the date the guarantee fee in respect of such accounts gets credited to the respective Current Account of CGTSI with our collecting banks.  However, in some instances, we have observed that due to lack of appropriate communication between the collecting bank's branch and their office at Mumbai, the amounts get remitted to CGTSI's account after a considerable delay.  Although such incidents have been very few, our endeavour is to provide guarantee cover to your bank at the earliest after the payment of guarantee fee.  Accordingly, we propose that you may send us advice of payment of guarantee fee either by e-mail to payments@creditguarantee.org.in or send by ordinary post or by fax etc., quoting therein Member ID, CGDAN, Amount Remitted, Instrument No. and Date of Remittance. 

            We thank you for your co-operation and assure you best of our services at all the times.

            Thanking you,

Yours faithfully,

Sd/-

(N. Venkatasubramanyan)

Chief Executive Officer