Traders to maintain just one core account

NEW DELHI: Exporters and importers will now have to maintain only one core banking-enabled bank account for their transactions with the Customs department, banks, ports, airports and the directorate general of foreign trade.

This comes as a huge relief to the trading community, which so far had to have multiple accounts for various transactions. The commerce department is facilitating a project called ‘eTrade’ under which all trade regulatory and facilitating agencies will have to provide round-the-clock electronic delivery of efficient service to exporters and importers.

This will come into effect throughout the country from April 1, 2008. The decision to allow traders to have one core bank account was taken after a series of meetings between commerce secretary GK Pillai and the trading community.

All government agencies concerned with exports and imports have been advised to facilitate e-payment using single core banking-enabled bank account of exporters and importers in the country. All payments and receipts due to exporters, including duty drawback payment, will be credited in this account.