As global efforts are underway to lay the groundwork for all cross-border trade related documentation online, India and South Korea have already started the bill of lading (BoL) in an electronic transfer mode between the customs authorities of both sides, a senior official said Thursday.
“India in collaboration with South Korea has now started this concept of sharing the bill of lading in an electronic transfer mode between the customs of both sides. When the system becomes a norm for all the countries, there will be no requirement for physical submission of records,” director general of foreign trade Santosh Kumar Sarangi said at ‘Deloitte Government Summit.
Korea is India’s 10th largest trading partner. Total goods trade between the two sides was $ 27.5 billion last year. India’s exports stood at $ 6.4 billion while imports were $ 21.2 billion.
BoL is a legal document that’s issued by a carrier, such as a shipping company, freight forwarder, or bank, to a shipper. The BoL is issued after the carrier receives the goods for shipment and includes the following information like description of goods, loading and discharge points, who will receive the goods and shipper details. The BoL serves as a receipt for the goods, a contract between the shipper and carrier, and a document of title.
Sarangi said worldwide the process of moving all export documentation online and doing away with physical submissions may happen in the next 1-1.5 years. The United Nations Commission on International Trade Law (UNCITRAL) has taken this initiative to ensure that all trade documentations happen through the electronic transfer mode and that work is under progress as various countries are participating. UNCITRAL is the core legal body of the UN system in the field of international trade law. Its business is the modernisation and harmonisation of rules on international business.
As and when the system becomes a norm for all the countries, there will be no requirement for physical submission of records, Sarangi said.
He said each of the containers coming into our country is RFID tagged and the movement is tracked on real time basis and going forward enabling IoT (internet of things) and ensuring that these containers movement is tracked from origin till it is shipped and beyond outside our shores also is something which is a work in progress.
From: financialexpress
Financial News
