Skip to main content

CBEC to build information repository on imports

By
CBEC to build information repository on imports 
Can a specific type of meat be exported to India? What procedures need to be followed? 
Global suppliers eyeing India's growing economy will soon be able to get such basic queries on exports answered through a single window, freeing them from the maze of multiple complex notifications scattered across various websites of ministries or departments that’s fiendishly difficult to access. 
The Central Board of Excise and Customs (CBEC) is undertaking a mammoth exercise to build a central repository to provide a supplier all the information required about norms governing product imports in simple language. This will be available on one site or via a mobile app. “The idea is to make it simple for traders to access information,” a government official told ET. 
“Any information about any regulation would be available at the click of mouse or a tap on the mobile.” Though all the information is available, traders need to plough through various ministry and department websites to find it. The official said the effort would be to make regulations navigable and information readily available to traders. The difficulty in finding the information is also seen to be hindering ease of doing business. 
This exercise is also part of the government's effort at trade facilitation. CBEC has already launched a portal to allow importers and exporters to file a single form at ports for clearances from all government agencies including the Drug Controller General of India, Plant Quarantine and the Food Safety and Standards Authority of India. This programme has also allowed for risk based assessment at customs. India has adopted the National Action Plan for Trade Facilitation, which aims to roll out steps to make it easier to do business. 
India is ranked 133 in the World Bank’s ease of doing business ranking on the ‘trading across borders’ parameter because of paperwork taking too much time and high costs. Border compliance takes 311 hours compared with nine in high-income OECD countries. Documentation compliance takes 67 hours versus four hours. The government has identified ease of doing business as a key focus area to attract investment.
The Economic Times, New Delhi, 17th August 2017

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Healthy balance sheets augur well for economy: RBI Governor Sanjay Malhotra

By
  Large tariffs by the United States administration and elevated geopolitical risk have increased near-term global financial stability risks, and along with weather events pose downside risks to domestic growth, Reserve Bank of India(RBI) Governor Sanjay Malhotra said in the foreword to the Financial Stability Report released today.Noting that domestic growth momentum is buoyed by strong domestic drivers, sound macroeconomic fundamentals and prudent policies, Malhotra said: “External spillovers and weather-related events could pose downside risks to growth.”On the other hand, he said the outlook for inflation is benign, and there is greater confidence in the durable alignment of inflation with the Reserve Bank’s target.Commenting that the structural shifts reshaping the global economy are making policy intervention challenging, the Governor emphasised the need for central banks and financial sector regulators to remain vigilant, prudent and agile in safeguarding their economies and...
Post a Comment
Read more