RapNet


Rapaport News

 

Mining

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Demand Grows for Electronic Data Interchange in India

Oct 13, 2014 5:13 AM   By Zainab Morbiwala
Print Print Facebook Facebook Twitter Twitter Share Share
To combat cumbersome tax related issues in India, including the reimbursement of service tax wherever applicable, the gems and jewelry industry has been vocal on the need for wider acceptance of Electronic Data Interchange (EDI) facilities for hassle-free exporting and fast reimbursements of duty draw back.

Recently, the Gem & Jewellery Export Promotion Council (GJEPC) requested such a system for the Surat Hira Bourse (SHB) customs house. In Mumbai, the EDI system was inaugurated on January 9, 2014, and while it was  understood that the EDI system for exports would commence in  April, this is still pending. The Council has already highlighted the matter with government officials. In Kolkata, the EDI system  was implemented in August 2012.  

Speaking exclusively with Rapaport News,  Sabyasachi Ray, the executive director of the GJEPC, said,  “The introduction of EDI facilities at both Mumbai and Kolkata ports have facilitated the export and import procedure to a great extent. Now all the documents related to exports and imports can be processed online. It has also lead to the clearance of the documents for shipments at the earliest and has proven to be a cost effective measure, thus, saving precious time of both the customs officials and exporters/importers."

Exporters have also been able to save their transaction costs under the said system, he added.

Ray added, “The council, at every possible forum in the government of India, had been raising the issue of implementing EDI for export and import of gems and jewelry items at all customs ports as listed in the File Transfer Protocol (FTP) and Hand Book of Procedures (HBoP).” Because this facility isn't  in Surat, the diamond manufacturer is required to perform the transactions from Mumbai Customs, which adds to his cost burden.
Tags: Deena Taylor, diamonds, Rockwell Diamonds, Times of India, Zainab Morbiwala
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us