Maharashtra launches e-bond system for import-export, replaces paper bonds

In a move aimed at simplifying trade and boosting business efficiency, the Maharashtra government on Friday introduced a new 'e-bond' system for import and export transactions, replacing the traditional paper stamp bonds.

With the adoption of the e-bond system, Maharashtra has become the 16th state in the country to do so, Revenue Minister Chandrashekhar Bawankule said in a statement.

The decision would simplify procedures and accelerate trade operations, marking an important step in modernising the state's economy, he said.

"Currently, 3,000 to 4,000 bonds are issued every month for import-export operations, amounting to over 40,000 annually. The introduction of e-bonds will bring a major transformation. Though it may appear small, this is a turning point for Maharashtra's economy," he said.

The e-bond system is expected to make obtaining trade bonds faster and simpler, eliminate the need for Rs 500 stamp papers, promote environmental conservation, and enhance transparency in financial transactions. It will also help prevent revenue leakage and boost state revenues, according to the minister.

The government feels that by leveraging digital technology with governance, Maharashtra's position in the 'ease of doing business' index will grow higher, Bawankule said.