When goods are short-supplied, damaged, short-landed or lost in transit and the EC Copy has already been utilised to cover the opening of a L/C against the original goods which have been lost, the original endorse­ment to the extent of the value of lost goods may be cancelled by the bank and fresh remittance for replacement imports may be permit­ted without   reference to RBI provided, insurance claim relating to the lost goods has been settled in favour of the importer.