Govt axes hurdles to cut export costs | business | Hindustan Times
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Govt axes hurdles to cut export costs

The government on Tuesday announced measures including round-the-clock customs clearance at eight major ports, reduction in bank charges on foreign currency and concessional loans aimed at cutting transaction costs for exporters.

business Updated: Feb 08, 2011 22:36 IST
HT Correspondent

The government on Tuesday announced measures including round-the-clock customs clearance at eight major ports, reduction in bank charges on foreign currency and concessional loans aimed at cutting transaction costs for exporters.

The government unveiled as many as 21 measures on the recommendations of a task force headed by minister of state for commerce and industry Jyotiraditya Scindia.

The task force was constituted in October last year to identify and suggest ways to achieve significant improvement in the functioning of export processes and reduce time and money spent in export transactions.

Scindia said that based on the interactions with stakeholders, the task force identified 44 issues. "Of these, 21 issues have been implemented and another two are likely to be implemented in a couple of months. The remaining issues are under the process of examination and consultations for implementation," he said.

"It is expected that implementation of 23 issues is likely to mitigate the transaction cost by approximately Rs2,100 crore."

The other step include reduction of charges by the Delhi International Airport for screening express cargo and courier shipments from Rs6 to Rs1.65 per kg for the export courier.