|
|
Now only 3 documents required for exports, imports
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 13 Mar, 2015
To take a leap forward in improving 'Ease of Doing Business', India
Thursday reduced the mandatory documents required for import and export
of goods to three documents each, informed an official press release.
The notification, issued by the Directorate General of Foreign Trade (DGFT), will take effect from April 1.
The
reduction in the number of mandatory documents would also lead to
corresponding reduction in Transaction cost and time. It is expected
that this step would not only facilitate the 'Ease of Doing Business' in
respect of 'Trading across Borders' but also improve India's ranking on
this parameter.
The Department of Commerce had set up an Inter
Ministerial Committee under the Chairmanship of DGFT in July 2014 to
study and recommend ways to reduce the number of mandatory documents
required for export and import.
The Committee held detailed
discussions with all stakeholders and the concerned Departments/
Ministries/Agencies and also visited JNPT to study the ground situation
and find ways to minimize the number of documents and reduce transaction
costs and time for exports and imports. The Committee submitted its
"Trading Across Borders" report to Prime Minister's Office in December
2014.
Based on the recommendations of the report, the RBI has
agreed to do away with the 'Foreign Exchange Control Form (SDF)' by
incorporating the declaration in the 'Shipping Bill' (for exports) and
dispensing with the 'Foreign Exchange Control Form (Form A-1)' (for
imports).
Customs have also agreed to merge the 'Commercial
Invoice' with the 'Packing List' and have issued a Circular for
accepting 'Commercial Invoice cum Packing List' that incorporates the
required details of both the documents. The exporters and importers,
however, have the option of filing separate 'Commercial Invoice' and
'Packing List' also, if they so desire. Shipping Ministry has also
agreed to do away with the requirement of 'Terminal Handling Receipt'
and make the process online.
As a consequence, after issue of the
DGFT's Notification dated 12-3-2015, only three documents each would be
mandatory documents for export and import.
It may be recalled
that India ranked 126 in 'Trading Across Borders" component of "Ease of
Doing Business", out of 189 countries ranked by the World Bank, in its
2015 Report.
The ranking methodology adopted by the World Bank
for 'Trading Across Border' takes into account the number of mandatory
documents required for export and import and the time and cost of
exporting/importing a container out of/into the country. World Bank's
2015 Report listed 7 and 10 mandatory documents respectively for export
and import from/to India.
As such, after issue of DGFT's
Notification only three documents each would be mandatory for export and
import as two documents (Packing List and Commercial Invoice) required
by Customs have been merged into one document, whereas one document
required by RBI (Foreign Exchange Control Forms - SDF for exports and
A-1 for imports) and one document required by Ministry of Shipping
(Terminal Handling Receipt) earlier, have now been dispensed with.
'Cargo Release Order' is not a mandatory document required by any
regulatory agency, but is a commercial document issued by the Shipping
line to the concerned importer.
As regards, 'Technical Standard
Certificate'/ 'Certified Engineer's Report', 'Product manual' and
'Inspection report', these documents are required in specific
cases/products/tariff lines only and are not mandatory for all products.
To read the Notification on reduction in number of mandatory documents required for export and import, click here.
|
|
|
|
|
|
|
Very Useful information
Raju | Sun Mar 22 14:04:59 2015
Hats off to your information and it gives immense knowledge on documentation.
Thanks
hand embroidery of footwear upper
mohd tabrez | Wed Mar 18 05:50:02 2015
I have more design ladies embroidery footwear upper as v shape sleeper n sandle
Ease of doing business
Rajesh Modi | Wed Mar 18 04:33:16 2015
Very good step by central govt
BALANCE OF PAYMENT
Aman Saxena | Wed Mar 18 03:36:35 2015
This documents reducing process can now increase and can control on BOP (Baalance of Paymnet) as per GDP expectations and it may me increase importer/exporter numbers.
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|