In an effort to facilitate trade, Central Board of Indirect Taxes and Customs (CBIC) will electronically disburse duty drawback amount directly to exporter’s bank account with effect from Wednesday (5th June 2024).
In a release, the Ministry of Finance said that the payment of duty drawback amounts into the exporters’ accounts will be facilitated through the Public Finance Management System (PFMS) automatically. This new functionality is expected to reduce time taken for payment of drawback amount by eliminating manual intervention in the drawback disbursal mechanism and increase transparency.
The Ministry said that CBIC continues to play a key role in India’s efforts to improve ease of doing business through trade facilitation. With the full implementation of the WTO Trade Facilitation Agreement, CBIC now aims to undertake next generational Trade Facilitation reforms.
