<h1>India to Simplify Trade: Single Bank Account for All Export-Import Transactions Effective April 2008.</h1> The Department of Commerce has announced a new initiative under the 'eTrade' project to streamline export-import transactions for businesses in India. Starting April 1, 2008, exporters and importers will be required to maintain only a single core-banking enabled bank account for all trade-related transactions. This account will be used for interactions with various stakeholders, such as Customs, DGFT, ports, airports, and banks, facilitating electronic payments and receipts nationwide. The decision, made in a meeting led by the Commerce Secretary, aims to simplify the process by eliminating the need for multiple accounts across different locations.