financetom
Business
financetom
/
Business
/
Customs system glitch chokes shipments at ports pan India, traders pay heavy demurrage charges
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Customs system glitch chokes shipments at ports pan India, traders pay heavy demurrage charges
May 4, 2023 9:47 AM

Several shipments have been stuck at Indian ports due to glitches in the customs IT system, leading to importers paying heavy demurrage charges. According to trade reports, shipments worth Rs 3,000-5,000 crore are stuck pan India.

Share Market Live

NSE

Importers have alleged that the duty payment option on the ICEGATE system is still not functioning properly. Since April 1, heavy demurrage charges have been paid by trade/importers, to the tune of around Rs 500-700 crore.

The customs department had launched a new updated IT system on April 1 for payment of duty by importers, including an electronic cash ledger payment system aimed at ensuring ease of doing business.

However, importers claim that they are still facing issues in making payments through the ICEGATE system. In response to the situation, customs authorities have started manual clearance of goods to facilitate trade.

Customs officials are holding pan-India interactions with trade to address concerns and issues related to the IT system glitches.

Also read: Container shortage: Average prices, one-way leasing rates skyrocket amid peak shipping season

The government has been focusing on easing regulatory processes and improving trade facilitation to boost the country's economy.

However, the current situation with the customs IT system is likely to have a negative impact on trade, as importers continue to face difficulties in clearing their shipments.

(Edited by : Pradeep John)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2026 - www.financetom.com All Rights Reserved