To digitise Customs processes, the Union finance ministry is planning to integrate the Indian Customs Electronic Gateway (ICEGATE), Risk Management System (RMS), and Indian Customs Electronic Data Interchange System (ICES) into a single unified national Customs platform, according to government sources.
"By June end this year, the modern Electronic Data Interchange will be operational, which will ensure hassle-free trading facility to exporters," Delhi Chief Commissioner of Customs A C Buck said in New Delhi at a Federation of Indian Export Organisations function. With Electronic Data Inter-change, all the documents relating to exports and imports would being processed on-line. The Cabinet has already cleared the project and the equipment have arrived, Buck said.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
The announcement left many importers and exporters wondering what he intended, when the practice in most EDI Customs stations is to carry out assessments on selected bills of entry based on risk parameters and to allow the other consignments to be cleared on the basis of the declarations of the importer or exporter.
Indian pharmaceutical giant, Wockhardt has signed a deal with information technology services provider, Ness Technologies, to install, configure, customise, host and support its US-based financial IT infrastructure, a media report said.
The law requires all food manufacturers or suppliers to make their product traceable along the supply chain.
The international cargo operations of two major carriers - IndiGo and Air India Group (Air India and Vistara) - are experiencing opposite trajectories despite both the airlines significantly expanding their international flight offerings over the past year. During the fourth quarter of 2023-24, IndiGo's international non-passenger cargo business declined to 6,848 tonnes. This is an 18.2 per cent year-on-year (Y-o-Y) decrease, according to data from the Directorate General of Civil Aviation (DGCA)
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
A total of 25,446 Chinese made electronic and Fast Moving Consumer Goods (FMCGs) were seized from the warehouse on Old Airport Road during the recent raids.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
The 2015 World Bank group's Doing Business index ranked India at 142, down from 140, which it was the year before.
At the heart of the issue is the way e-commerce is defined in the current draft policy.
The India government needs to work on policies that can enhance global trade.
The government is working on the concept of a digital locker of sorts - an online repository for all certificates and documents issued to the citizens of the country.
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