Govt for single bank account for exporters, importers

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Exporters and importers will need to maintain only one bank account for their transactions with different government departments and agencies like customs and ports with the launch of ‘e-trade’ project from April.

At present, exporters and importers need to operate multiple bank accounts to deal with different agencies, which results in a lot of procedural difficulties.

The Commerce Ministry has advised different government wings, including the customs authorities, Directorate General of Foreign Trade, Container Corporation of India and airports, to facilitate electronic payment.

“All concerned government agencies have been advised to facilitate e-payment using single core banking enable account of exporters/importers in the country,” an official statement said in New Delhi on Wednesday.