On Friday, October 3, the Maharashtra government rolled out an e-bond system for easing the import-export process, eliminating the need for traditional paper bonds. This initiative is anticipated to streamline customs processes, curb fraud, and boost revenue.
New E-bond system inaugurated by state revenue minister Bawankule
The new e-bond system features e-stamping, e-signature, online payments, real-time verification, and digital record-keeping. It was inaugurated by state revenue minister Chandrashekhar Bawankule on Friday
Union Finance Minister Nirmala Sitharaman introduced the Ekal Anubandh initiative in February this year. It is a digital system that permits importers and exporters to submit an all-India electronic bond, discarding the burdensome paper-based stamp bonds. Until now, in the absence of an e-bond system in the state, traders had to register in neighbouring states of Gujarat and Karnataka. It leads to revenue loss for Maharashtra, as stated by a revenue official.
Bawankule said: “The e-bond system enables seamless access to digital bonds across all customs offices in Maharashtra, decreasing the processing times of the import-export process. This efficiency will improve India’s trade competitiveness globally.” Importers and exporters must sign a bond with the Central Board of Indirect Taxes and Customs (CBIC), under customs regulations. Until now, the process was performed using ₹500 stamp papers, which often lacked proper tracking. Ravindra Binwade, inspector general of registration, stated that two bonds were issued on the very first day as soon as the system was launched. Furthermore, he added, “We are anticipating major revenue generation from the new system, as Mumbai alone handles 30% to 40% of the total cargo of the state. For example, roughly 50,000 bonds are issued from JNPT annually, which makes a revenue collection of ₹2.5 crore from one port alone.”