Export/import forms go online

NEW DELHI: In a major initiative on the Electronic Data Interchange (EDI) front to boost exports, union minister of commerce & industry Arun Jaitley launched the Digital Signature and electronic fund transfer facility. This facility will enable the exporters to submit online import/export applications in the offices of Directorate General of Foreign trade (DGFT).

DGFT has tied up with Safescrypt, a licensed certifying authority, to provide technical and related support for integration of the Public Key Infrastructure (PKI) and encryption technology to its EDI network. A Memorandum of Understanding has been signed with ICICI Bank and HDFC Bank and is expected to be signed shortly with the State Bank of India, for providing Electronic Fund Transfer Facility for depositing the import/export license fee as per the requirements of the EXIM policy.

The statement issued also stated that to encourage electronic filing of applications by the exporting community, DGFT has reduced the license fee to 50 percent in cases where online digitally signed applications with electronic fund transfer are submitted on its website www.nic.in/eximpol.

With this facility, the exporter will not be required to submit paper applications while interacting with the office of 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.

CyberMedia News Service