MUMBAI: In a major step towards digitisation and ease of doing business, the state government on Friday launched an e-bond system for importers and exporters.
The initiative eliminates the need for traditional paper bonds and is expected to streamline customs processes, curb fraud, and boost revenue.
The new system, which features e-stamping, e-signature, online payments, real-time verification, and digital record-keeping, was inaugurated by state revenue minister Chandrashekhar Bawankule on Friday.
In February this year, the union finance minister Nirmala Sitharaman came up with the ‘Ekal Anubandh’ initiative, a digital system that allows importers and exporters to submit an all-India electronic bond eliminating the cumbersome paper-based stamp bonds. Until now, in the absence of an e-bond system in the state, traders had to register in neighbouring states of Gujarat and Karnataka, resulting in revenue loss for Maharashtra, a revenue official said.
“The e-bond system enables seamless access to digital bonds across all customs offices in Maharashtra, drastically reducing processing times for importers and exporters. This efficiency will enhance India’s trade competitiveness globally,” Bawankule said.
Under customs regulations, importers and exporters must sign a bond with the Central Board of Indirect Taxes and Customs (CBIC). Until now, the process was carried out using ₹500 stamp papers, which often lacked proper tracking.
“Two bonds were issued on the very first day as soon as the system was launched,” said Ravindra Binwade, inspector general of registration. “We are expecting major revenue generation from the new system, as Mumbai alone handles 30% to 40% of the total cargo of the state. For instance, roughly 50,000 bonds are issued from JNPT annually, which makes a revenue collection of ₹2.5 crore from one port alone,” he added.