CBIC implemented many Technological Initiatives to Facilitate Trade, says Economic Survey 2023-24

The Economic Survey 2023-24, presented by Finance Minister Nirmala Sitharaman, highlights several technological advancements introduced by the Central Board of Indirect Taxes and Customs (CBIC) to streamline trade operations. Key initiatives include the phased implementation of an electronic cash ledger, electronic clearances at land customs stations, online submission of IFSC codes, and electronic certificates of origin. Additionally, the Department of Posts has launched the Postal Bill of Export (PBE) Automation System and introduced a Hub and Spoke Model to enhance export efficiency. These measures aim to reduce paperwork, expedite processes, and improve overall trade efficiency.