Worried over declining exports and widening current account deficit, an inter-ministerial panel formed to suggest steps to reduce transaction cost with a view to make shipments more competitive would meet on August 12.
The Task Force on Transaction Cost in Exports, headed by Director General of Foreign Trade (DGFT) Anup Pujari, would discuss several issues including steps to enhance the efficiency of air cargo complexes. “The time taken to complete customs procedures (at these complexes) can be reduced by half through greater use of information technology,” a senior commerce ministry official said.
The task force would also deliberate on compilation of a chart detailing timelines prescribed by different departments for meeting exporters and importers requests. Besides commerce ministry, officials from railways, revenue, shipping and corporate affairs will be present in the fourth meeting of the panel, the official said.