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In a major step towards simplifying trade processes, the Central Board of Indirect Taxes & Customs (CBIC) has introduced the Ekal Anubandh project, aimed at streamlining bond submissions for importers and exporters. This initiative replaces the cumbersome process of submitting multiple transaction-wise bonds at different ports with a Single All-India Multipurpose Electronic Bond (SEB), making trade more efficient and cost-effective.
📦Why This Change?
Currently, importers and exporters must submit separate bonds and securities for every transaction at each port. This adds to administrative costs, increases paperwork and makes tracking difficult. Ekal Anubandh eliminates these inefficiencies by digitizing and unifying the process under a single bond.
📌 Key Features of the Single All-India Multipurpose Electronic Bond (SEB)
✅ One Bond, Multiple Uses: Instead of submitting separate bonds for provisional assessments, export promotion schemes, warehousing and MOOWR schemes, traders can now use a single electronic bond for all these purposes.
✅ Digital Execution: The bond can be executed electronically through ICEGATE, eliminating the need for physical paperwork and notary services.
✅ Electronic Payment of Stamp Duty: Payments can now be made seamlessly via National E-Governance Services Limited (NeSL), ensuring faster processing.
✅ Flexibility to Modify Bond Amount: Traders can update or add obligations to their bond at any stage through ICEGATE, offering greater flexibility.
✅ Secure & Transparent: The system links electronic bank guarantees end-to-end, allowing for real-time verification and monitoring, thus enhancing security and transparency.
🔗 How to Use the New System?
Step 1: Choose the obligations (e.g., Provisional Assessment, Export Promotion, Warehousing, etc.) and submit the SEB electronically via ICEGATE.
Step 2: Pay stamp duty online and sign digitally—no need for notarization.
Step 3: If needed, link Bank Guarantee (BG) electronically for added security.
Step 4: Track and manage SEB in real time on ICEGATE.
✅ Benefits for Traders
🛳️ Saves Time & Costs: Reduces repetitive documentation and speeds up the clearance process.
🛳️ Greater Security: Electronic bond tracking ensures real-time monitoring and eliminates risks of misplaced paperwork.
🛳️ Environment Friendly: Eliminates physical documentation, reducing paper waste.
🛳️ More Efficient Trade: Streamlines approvals, allowing traders to focus on business rather than administrative tasks.
📅 Implementation Timeline
The Ekal Anubandh project is being rolled out in phases, with detailed advisories available on the ICEGATE website. CBIC encourages all importers, exporters and customs brokers to transition to the new system for a smoother, faster and more reliable trade experience.
Stay ahead in the logistics game—embrace digital transformation with Ekal Anubandh today!