Financial Daily from THE HINDU group of publications
Thursday, Jan 29, 2004

News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Industry & Economy - Exports & Imports


e-fund transfer facility for exporters launched

Our Bureau

New Delhi , Jan. 28

EXPORTERS from the country can now file their export/import applications online, with the Government today launching a digital signature and electronic fund transfer facility.

In order to encourage electronic filing of applications, the Directorate General of Foreign Trade (DGFT) has reduced the licence fee to 50 per cent if the exporters submit the digitally signed applications and pay licence fee online.

Exporters can log on to www.nic.in/eximpol to use the new facility, launched here by Mr Arun Jaitley, Union Minister for Commerce and Industry, according to an official statement.

The DGFT has tied up with Safescrypt, a licensed digital signature certifying authority, to providing technical and related support for the electronic data interchange (EDI) network.

It has signed a memorandum of understanding (MoU) with ICICI Bank and HDFC Bank for providing electronic fund transfer facility for depositing the import/export license fee. A similar MoU is expected to be signed with State Bank of India too. With this facility, exporters will not be required to submit paper applications while interacting with DGFT.

"Such e-commerce initiatives will not only reduce transaction costs for the exporting community, but also impart greater transparency and reduce discretion while availing various benefits under the Exim Policy," the statement said.

All 33 DGFT offices are computerised and networked through high-speed VSATs or leased lines. Online chat facility with DGFT on important Exim policy issues is also possible on a monthly basis.

The importer-exporter code number (IEC), a pre-requisite for undertaking commercial import/export activity, is being transmitted online to customers on a real time basis, the statement said.

EDI message exchange facility on import/export data from 23 EDI custom ports has also been initiated with customs and DGCI&S to reduce the time lag in compilation of trade statistics, while such a facility for transmission of shipping bill data on export promotion schemes such as DEPB is available.

More Stories on : Exports & Imports | E-Governance

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Programme for SC/ST youth at Kochi


Shortlisted for award
Kerala Govt lobbying banks to aid NRKs
Excise exemption norms for industries eased — 'Units using second-hand machinery for expansion also eligible'
Passports issued
Change of guard at CIL, ECL
Govt eases foreign trade norms — Free import of gold, silver; gold card scheme for exporters
Fertiliser export norms eased
Gold trading comes to a halt as Govt liberalises imports
Corporate India lauds mini-Exim Policy
No homologation for high-end car imports
Hotel industry welcomes Exim policy benefits
`Exploit India's knowledge base to market education'
Final JPC report may suggest fresh norms for soft drinks
FDI inflow slowed during last fiscal: RBI report
Change in FDI norms notified
Nalco Chemicals among FDI proposals cleared
Leather show on `Spirit of 60s'
Indiapack to be held in October
Hyderabad Engagements
British columnist smells a rat in DFID funding
Training for entrepreneurs
Exports in December up 42 pc — Import rise widens trade deficit
EPCG scheme norms further liberalised
e-fund transfer facility for exporters launched
Domestic tourists throng Kerala: Survey
`Connect' to showcase efforts to promote tourism in Karnataka



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line