Millennium Post

Ease of doing biz: Govt lowers documents for import-export to three

Ease of doing biz: Govt lowers  documents for import-export to three
As part of efforts to improve its ranking on ‘Ease of Doing Business’, India on Thursday reduced the number of mandatory documents required for import and export of goods to three in each case.

The move will also lead to reduction in transaction cost and time. Currently, around 10 documents are needed to fulfil the official obligations. The notification, issued by the Directorate General of Foreign Trade, will take effect from April 1.

Mandatory documents required for export of goods from India now include Bill of Lading/Airway Bill; Commercial Invoice cum Packing List, and Shipping Bill or Bill of Export. Besides, mandatory documents required for import of goods into India include Bill of Lading/Airway Bill; Commercial Invoice cum Packing List, and Bill of Entry. For export or import of specific goods or category of goods, which are subject to any restrictions/policy conditions or require NOC or product specific compliances under any statute, the authority concerned may notify additional documents.

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. Based on the recommendations, the Reserve Bank 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).
PTI

PTI

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