September 15: The monopoly of state-run insurance company at Kolkata Port has come to an end. The customs department at Kolkata Port has allowed other insurance companies to sell their policies at the port for Nepal-bound goods.

Nepali importers believe this decision will bring down the cost of insurance for goods imported to Nepal from third countries.

So far, National Insurance Company of India was the only company authorized to sell insurance policies to Nepal-bound goods through road or railway from Kolkata and Haldiya ports.

Nepal’s consul general to Kolkata Ek Narayan Aryal said that the decision taken by the Kolkata customs last Thursday will facilitate the insurance process of Nepal-bound goods.

“It is obvious that competition among insurance companies will reduce the cost of purchasing insurance policy,” said Aryal.

Meanwhile, Nepali importers have welcomed the decision of Kolkata customs to end the monopoly.

Nepali importers had been paying IRs 300 premium for covering insurance up to IRs 100,000. The importers now claim that the premium charge will not be more than Rs 50 now.