Single Unified Multi-Purpose Electronic Bond in Customs-Ekal Anubandh

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....ade processes, improve transparency, and adopt best practices have resulted in steady improvements across various trade facilitation metrics. Leveraging Information technology, many processes have become paperless and contactless, thus providing ease and less time consuming for the trade. 3. In the same direction, to enhance efficiency and reduce the administrative load on businesses, CBIC has decided to introduce a project named "Ekal Anubandh", wherein trade will be encouraged to use single All-India Multi-purpose Electronic Bond with end-to-end automation. As a first step, single All-India Multipurpose Bond for importers or exporters in lieu of the transaction-wise Bonds being submitted across different ports, thus offering significan....

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.... (b) Option to include additional obligations or additional amount at a later stage is available at ICEGATE (c) Electronic Payment of stamp duty and electronic execution of Bond through integration with National E-Governance Services Limited (NeSL) by affixing an electronic signature without any requirement for notary. (d) Online linking End-to-End issued Electronic Bank Guarantee (e) Verification of Bank Guarantee (BG) issued by issuing Bank 5.2 On the lines of the initiative of 'Digital Document Execution or DDE' for paperless execution and storage of financial contracts, through M/s N National E-Governance Services Limited (NeSL) by the Department of Financial Services (DFS), the digital execution of c....

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....f bank guarantee other than those specifically listed in Annexure F. The detailed procedure for linking of Bank guarantee with the bond is elaborated in Annexure-B. 7. With electronic bonds and bank guarantees, importers/exporters/customs brokers can manage and track documents in real time, ensuring greater security and transparency throughout transactions. The "Ekal Anubandh" project ensures that above digital solutions are environmentally friendly, cost-effective, and more convenient, as they eliminate the need for physical signatures and paperwork, allowing for faster approvals and fewer delays. Therefore, the importers and exporters are encouraged that, wherever required, importers/exporters/customs brokers may execute a single unifi....