Skip to content

CBIC starts electronic disbursal of duty drawback to exporter's bank accounts via PFMS

CBIC starts electronic disbursal of duty drawback to exporter's bank accounts via PFMS
CBIC introduces electronic disbursement of duty drawback amounts to exporters' bank accounts via PFMS platform, enhancing transparency, efficiency, and global trade facilitation standards.

Table of Contents

The Central Board of Indirect Taxes and Customs (CBIC) has announced that it will now electronically disburse duty drawback amounts directly to exporters' bank accounts using the PFMS platform. This move is expected to increase transparency and improve the efficiency of the process. The PFMS platform, developed and implemented by the Controller General of Accounts, has played a pivotal role in revolutionizing the financial administration of the government. Experts believe that this will be a significant leap towards enhancing transparency and efficiency in trade facilitation. The CBIC aims to undertake next-generation trade facilitation reforms adopting the TFA plus approach. This move underscores CBIC's commitment to embracing digital transformation and adopting a forward-thinking approach to trade facilitation, in line with global standards.

Source

Latest