Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

India- Govt planning to set up online Single Window system for providing all info, services relating to International Trade  Join our daily free Newsletter

MENAFN - KNN India - 20/03/2017
No. of Ratings : 0
Add to Mixx!

(MENAFN - KNN India)

New Delhi, Mar 20 (KNN) The Government of #India is planning to set up an online fully integrated Single Window system for comprehensively providing all information and services to importers & exporters relating to International Trade. The move aims to improve ease of doing business environment in the country.

The single window system will provide all information and services related to EXIM approvals, clearances, trade agreements for import and exports of goods, including those related to accessing benefits under export promotion and export incentive schemes, across regulatory service provision agencies, entities including, but not confined to, Customs, Central Excise/ GST, State VAT/ GST, Central Board of Direct Taxes, Directorate of General Foreign Trade etc.

The proposed single window project would allow importers and exporters the facility to lodge their applications and clearance documents and obtain all necessary approvals and avail benefits electronically at a single point only in a digital paperless mode without any requirement of physical submission.

Required permissions, if any, including port/ shipping carrier from other regulatory agencies would be obtained online without the trader having to approach these agencies.

This would eliminate multiple interface with Government agencies, dwell time, track goods/ delivery from door to door and the cost of doing business.

In this regard, DIPP wants to rope in consulting agency to carry out a detailed study of different functionalities currently provided under the foreign trade umbrella across departments and identify gaps in integration that are found desirable to bridge and recommend specific actionable steps for achieving the proposed integration under single.

DIPP said Doing Business (DB) Report published every year by World Bank assesses and recommended largely on process simplification, weeding out of unnecessary documents, integrating and automating procedures across the Departments/Agencies involved and to minimise human interface, with 24x7 online operations and handling of consignments.

The rank of #India out of 189 economies on ‘Trading Across Borders‘ indicator of 'Doing Business' report for 2015, 2016 and 2017 is declining as 126, 144 and 143 respectively.

The ranking on ‘Trading Across Borders‘ indicator is done by the World Bank on the basis of 3 parameters such as number of documentary compliance required for Export/Import; Time taken in the process of Export/Import; and Cost of exporting/importing a consignment.

DIPP said, 'Taking cognizance of India‘s relatively poor ranking in DB 2014 Report, DIPP set up an Inter-Ministerial Committee under the Chairmanship of Director General Foreign Trade (DGFT) in July 2014 to analyse the status of various mandatory documents required for export/import and to give recommendations about possible reduction in their numbers.

The recommendations will not only improve its export related procedures but also import procedures, as a very large part of Indian exports is dependent on imports and therefore higher transaction costs, time and number of documents for import also adversely affect India‘s trade and manufacturing competitiveness, DIPP said.

Further, Union Finance Minister Arun Jaitley in his budget speech spoke about implementing Single Window Project, ―Under this, importers and exporters would lodge their clearance documents at a single point only.

Required permissions, if any, from other regulatory agencies would be obtained online without the trader having to approach these agencies.

This would reduce interface with governmental agencies, dwell time and the cost of doing business. DIPP said, 'Accordingly, Government of #India intends to launch ‘Single Window Online System for International Trade‘ to create a strong eco-system in the country by enabling any exporter or importer to avail seamless information and services for international trade of all products. (KNN Bureau)



KNN India

  MENA News Headlines
 Apr 26 2017 - 28 ISIS militants killed in AfghanistanThe Peninsula
(MENAFN - The Peninsula) Kabul: At least 28 militants affiliated with the ISIS group were killed during the clearance operations in eastern Nangarhar province of Afghanistan. The provincial ...

 Apr 26 2017 - Kuwait widely praised for Yemen's USD 100 mln donation - Al-GhunaimKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) GENEVA, April 26 (KUNA) -- Kuwait's USD 100 million contribution to international relief aid efforts for the Yemeni people was widely praised by the global ...

 Apr 26 2017 - Yemen, Syria focus of meeting with UN Chief - Kuwait's Al-MatouqKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) GENEVA, April 26 (KUNA) -- Kuwait's Amiri Diwan Advisor and UN Secretary General's Envoy for Humanitarian Affairs Dr. Abdullah Al-Matouq said Wednesday that his ...

 Apr 26 2017 - Kuwait- No doubt on Damascus role in Khan Sheikhoun attack - AyraultKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) PARIS, April 26 (KUNA)-French Foreign Minister Jean-Marc Ayrault said on Wednesday there is "no doubt about" the responsibility of the regime of Syrian ...

 Apr 26 2017 - Kuwait- His Highness the Amir attends, patronizes opening of Al-Ahmadi HospitalKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah patronized and attended the opening ceremony of Al-Ahmadi Hospital. His Highness the Amir was ...

 Apr 26 2017 - Kuwait- Hollande says France will publish proof of Syrian chemical useKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) PARIS, April 26 (KUNA) -- After France categorically accused Syria Wednesday of responsibility for the Khan Sheikhoun chemical weapons attack on April 4, via ...

 Apr 26 2017 - Kuwait- Saudi, US top officials discuss anti-IS efforts during Riyadh meetingKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) RIYADH, April 26 (KUNA) -- Saudi Deputy Crown Prince, Deputy Prime Minister, and Minister of Defense Prince Mohammed bin Salman bin Abdulaziz Al-Saud met ...

 Apr 26 2017 - Kuwait bourse ends Wednesday's trading with mixed boardsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, April 26 (KUNA) -- Boursa Kuwait, the national stock exchange, ended trades Wednesday in mixed boards with the benchmark going up by 23.42 points to ...

 Apr 26 2017 - Kuwait- US begins THAAD equipment installation in S. KoreaKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) TOKYO, April 26 (KUNA) -- US troops in South Korea on Wednesday began installing the equipment for an advanced missile defense system in the southeastern region, ...

 Apr 26 2017 - Kuwait- Syrians top list of asylum seekers in EUKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) BRUSSELS, April 26 (KUNA) -- The European Union granted asylum to 710,400 people in 2016, more than double the number of 2015, said the EU statistical office ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help