CBIC to Launch Automated Currency Exchange Rate Publishing System on July 4

CBIC to Launch Automated Currency Exchange Rate Publishing System on July 4

Sub: Economy

Sec: External Sector

Overview:

The Central Board of Indirect Taxes and Customs (CBIC) will introduce the automated Exchange Rate Automation Module (ERAM) system on July 4, replacing the manual process of notifying exchange rates. This new system is part of CBIC’s ongoing efforts to digitize customs processes for better trade facilitation.

Key Features of ERAM: 

• Automated Publishing: ERAM will automatically publish the exchange rates of 22 currencies online, enhancing the ease of access for importers and exporters.
• Publication Schedule: The exchange rates will be updated on the ICEGATE website twice a month, specifically on the evening of the 1st and 3rd Thursdays, and will take effect from midnight the following day.
• Accessibility: A link on the CBIC website will redirect users to the ICEGATE website where the published rates can be viewed. The rates will be stored for future reference, allowing users to check historical rates.

Benefits:

• Trade Facilitation: The automated system is expected to streamline the process of obtaining exchange rates, reducing the administrative burden on importers and exporters.
• Enhanced Digitalization: The move is part of CBIC’s broader initiative to enhance digitalization within customs processes, aiming for greater efficiency and transparency.

The launch of ERAM marks a significant step in this direction, ensuring timely and accurate publication of exchange rates, which are crucial for international trade transactions.

Indian Customs Electronic Gateway (ICEGATE):

• National Portal: ICEGATE is the national portal of Indian Customs, part of the Central Board of Indirect Taxes and Customs (CBIC).
• E-Filing Services: Provides electronic filing services to trade, cargo carriers, and other trading partners.

User Base:

• Registered Users: More than 1.6 lakh users are registered with ICEGATE.
• Service Reach: These users serve over 12.5 lakh importers/exporters.

Key Services Offered:

• E-Filing:
  • Bill of Entry: Electronic filing of import goods declaration.
  • Shipping Bills: Electronic filing of export goods declaration.
  • E-Payment: Payment of Customs Duty electronically.
  • Common Signer Utility: Free web-based utility for signing all Customs documents.
  • E-Sanchit: Online filing of supporting documents.
  • IGST Refund: End-to-end electronic processing of IGST refunds.

Customs Processing:

• EDI System: All electronic documents/messages handled by ICEGATE are processed by the Indian Customs EDI System (ICES).
• Coverage: ICES operates at more than 250 Customs locations.

Benefits:

• Faster Customs Clearance: Integration with partner agencies enables quicker processing and clearance.
• Enhanced Trade Facilitation: Provides comprehensive support to importers/exporters, improving efficiency and reducing delays.