The Indian government will unveil a new initiative for exporters on 28 January under which digital signatures will become a reality, a move that could lead to a reduction in transaction costs.
The new electronic data interchange (EDI) system will be linked up with banks and allow the transfer of money by way of digital signatures, according to official sources.
Earlier, the system announced with the EXIM Policy required exporters to submit papers manually in conjunction with computerised form filing and was limited to data transfer from customs to the Directorate General of Foreign Trades (DGFY).
With the new improved system, an exporter will be able to obtain a licence by clicking the mouse of his computer: the instruction will be passed to customs simultaneously.
