The Directorate General of Foreign Trade (DGFT) under the Indian Ministry of Commerce will launch a new digital platform today. In the first phase, the platform will cater to services concerning the import export code (IEC).
IEC is a mandatory code for all companies willing to start an export and import business in India.
The online platform will also help in modifying and amending IEC with help from a virtual assistant on the platform.
A senior source in the Ministry of Commerce said that facilitating trade on a common digital platform will help doing business become easier. "Earlier only generating the code would take five to six days. With a number of the trade related facilitation on the platform, it will be very helpful for the exporters and importers in the country".
Along with the issue of the code, the platform will also help and facilitate traders in various exports schemes and advance authorisation. Traders can even monitor the status of their application and use the platform for inquiries. Inquiries related to India's foreign trade policy can also be made on the platform.
"Other online modules relating to advance authorisation, and exports obligation discharge which are part of next phase will be rolled out subsequently after the first phase stabilises", DGFT said in a trade notice issued last month. The government believes that the platform will hugely benefit the trading community.