Govt relaxes norms for import-export code
The government has decided to reduce the number of mandatory documents required for obtaining import-export code to two, a move which is aimed at facilitating ease of doing business in the country. Traders engaged in inbound or outbound shipment of goods and services are required obtain Import-Export Code (IEC) from the Directorate General of Foreign Trade (DGFT). “Only two documents are required to be uploaded /submitted along with the digital photograph while applying for IEC,” DGFT said in a notification issued on Friday. The government has been emphasisng on improving India’s overall business outlook. A number of measures have helped the country in achieving better ranking in the Ease of Doing Business Index released by the World Bank last year. “The decision has come at a right time. Not only the Indian businessmen but also the global investors are upbeat about the Indian growth story. So, there was a need to create such mechanism in order to take advantage of the worldwide phenomenon,” a Delhi-based exporter told The Dollar Business. The government is also considering other initiatives such as creating better manufacturing zones, labour reforms, PSU reforms and building government-industry partnerships, as it aims to improve the country’s Ease of Doing Business ranking to 50.
January 30, 2016 | 03:35pm IST
to success.