 "DGFT introduces online system for importers to seek tariff rate quota")
The commerce ministry's arm DGFT has introduced an online system for traders who seek tariff rate quota (TRQ) for imports, a move aimed at promoting ease of doing business in the country.
The TRQ is a mechanism that allows import of a set quantity of specific products. Tariff quotas are used on a wide range of products but most are in the agriculture sector. Cereals, meat, fruit and vegetables, and dairy products are the most common, and sugar is also protected in most producing countries.
The Directorate General of Foreign Trade (DGFT) in a trade notice has said that it has prepared a new online module, e-TRQ System, for processing applications.
Now, all applications seeking TRQ for imports are required to submit their application online.
It added that licences for all TRQs would be issued electronically and TRQ licence data would be transmitted electronically to the customs authorities.
No paper copies of the TRQ import license will be issued now.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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