Round the clock customs clearance now at 8 ports

Sunday, 13 Feb 2011

The Indian government announced a slew of measures, including round the clock customs clearance at eight ports in the country, with the aim of bringing down transaction costs on exports by INR 2100 crore.

The minister of state for commerce and industry, Mr Jyotiraditya Scindia said that "It is expected that implementation of the 23 issues is likely to mitigate transaction costs by approximately INR 2100 crore.”

The government expects that a permanent reduction in transaction costs through these initiatives will have a long term positive impact on the competitiveness of the country's exports.

Indian finance minister Mr Pranab Mukherjee, while releasing the report of a 'Task Force on Transaction Cost in Exports', said that “Reducing transaction costs should be an ongoing task.”

In India, transaction cost for exporters is around 7% to 8% of the total value of the cargo. This is among the highest in the world.
(Sourced from BL)