Mumbai : The state government has made a historic decision to replace the traditional paper bond system in the import-export business with an 'e-bond' system. Revenue Minister Chandrashekhar Bawankule announced this, stating it will provide significant relief to the state's trade and industry sectors. The use of paper stamp papers for import-export transactions has been discontinued starting today, making Maharashtra the sixteenth state in the country to implement the e-bond system.
A Major Step for the Economy
Revenue Minister Chandrashekhar Bawankule stated, "This step will be a crucial link for Maharashtra's economy and will accelerate the process of easing business transactions." Currently, about three to four thousand bonds are issued monthly for import-export businesses, amounting to over forty thousand bonds annually. According to Bawankule, "Although this process may seem small at first glance, it will be a major turning point for Maharashtra's economy."
At the inauguration ceremony held at the Mantralaya, Inspector General of Registration and Stamps, Ravindra Binwade, gave a presentation on how the e-bond system will function. The event was attended by Minister of State for Finance Ashish Jaiswal, Additional Chief Secretary of the Revenue Department Vikas Kharge, and Nhava Sheva Port Commissioner Vijay Rishi.
Key Benefits of E-Bonds
- Ease of Transactions: Importers and exporters will now be able to obtain e-bonds easily and quickly from all customs offices across Maharashtra.
- Environmental Protection: The discontinuation of the five-hundred-rupee paper stamp papers will lead to significant paper savings, which will help in protecting the environment.
- Financial Transparency: E-bonds will not only enhance transparency in transactions but also help prevent revenue leakage, thereby increasing contributions to the government treasury.
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