Electronic Data Interchange To Be Launched In 98

Somany further mentioned that all major ports, airports and customs department, besides other trade-related organisations will be EDI-linked and made operational.It is expected that around 5,000 business firms, particularly export organisations, would go on-line on EDI by next year.

The government has identified several organisations such as the Directorate General of Foreign Trade, Central Board of Excise and Customs, Export Promotion Councils, Port Trusts, Airports Authority of India, Railways, Reserve Bank of India, commercial banks and freight forwarders to coordinate with it in the development of the EDI system and to take measures for on-line computerisation to put it into force.

The EDI system is a new business transaction process. This would replace trade-related paper by electronically-transmitted messages in standard formats, agreed upon by business partners.

The present system of written signatures would be replaced by digital signatures.

The chairman and managing director of United Bank of India, who was also present at the seminar, pointed out that as much as 7 per cent of the total value of world trade account for the cost of paper documents. If paper documents are done away with, the world could save over $ 3 billion a year.