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<p style="text-align: justify;">Director Bhandari claims that the technology will further encourage legal foreign trade. He informed that the technical preparation has already been initiated for its implementation. According to the Department, registration of code will start from January 26. The exporters and importers can apply for registration through online.</p>
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<p style="text-align: justify;">Director Bhandari informed that the traders who import goods worth above Rs 25,000 will have to mandatorily obtain an Exim code. However, exporters need Exim code for exports of Rs 500,000 and above. Officials claim that the enforcement of the rule will help control fake firms and revenue leakage, and also introduce price uniformity in the market. </p>
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<p style="text-align: justify;">Director Bhandari claims that the technology will further encourage legal foreign trade. He informed that the technical preparation has already been initiated for its implementation. According to the Department, registration of code will start from January 26. The exporters and importers can apply for registration through online.</p>
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<p style="text-align: justify;">Director Bhandari claims that the technology will further encourage legal foreign trade. He informed that the technical preparation has already been initiated for its implementation. According to the Department, registration of code will start from January 26. The exporters and importers can apply for registration through online.</p>
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<p style="text-align: justify;">The preparation to introduce it has been started with an objective of increasing revenue recovery by systematizing and updating the statistics of the exporters and importers, said one official of the Department.</p>
<p style="text-align: justify;">Director Bhandari informed that the traders who import goods worth above Rs 25,000 will have to mandatorily obtain an Exim code. However, exporters need Exim code for exports of Rs 500,000 and above. Officials claim that the enforcement of the rule will help control fake firms and revenue leakage, and also introduce price uniformity in the market. </p>
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January 18: The government is planning to implement Exim Code from next fiscal year (2017-18) in a bid to make foreign trade transparent and effective.
The mechanism is being implemented from the next fiscal year starting in July to systematize the export-import trade with India and third countries. According to the Customs Department, exporters and importers will have to obtain Exim code first for their export and import. "The mechanism is being implemented to discourage illegal trade," said Devi Prasad Bhandari, Director of the Planning and Services Section of the Customs Department.
Director Bhandari claims that the technology will further encourage legal foreign trade. He informed that the technical preparation has already been initiated for its implementation. According to the Department, registration of code will start from January 26. The exporters and importers can apply for registration through online.
Although the Customs Act had already mechanised Exim Code for transparency in export and import, it is being implemented only after a decade. The Department has also interacted and collected suggestions from industrialists and entrepreneurs of major export-import hubs for its implementation. Bhandari informed that the entrepreneurs from Birgunj and Bhairahawa have been consulted for this. "Series of discussions with stakeholders have been conducted for the purpose. Suggestions from the Federation of Nepalese Chambers of Commerce and Industries (FNCCI) and Trade Facilitation Centre have also been drawn," he said.
The preparation to introduce it has been started with an objective of increasing revenue recovery by systematizing and updating the statistics of the exporters and importers, said one official of the Department.
Director Bhandari informed that the traders who import goods worth above Rs 25,000 will have to mandatorily obtain an Exim code. However, exporters need Exim code for exports of Rs 500,000 and above. Officials claim that the enforcement of the rule will help control fake firms and revenue leakage, and also introduce price uniformity in the market.
Presently, information of import is sent to the Nepali consulate in Kolkata through the Department of Commerce after opening letter of credit ( LC), and the consulate sends it to the Indian Customs with due process , and this process will be automatically shortened through this new technology, said Section Officer Arjun Poudel. A separate software is being prepared for this, he said.
Director Bhandari said this arrangement is effective worldwide as it discourages fake transactions besides saving time of the exporters and importers.
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<p style="text-align: justify;">Director Bhandari informed that the traders who import goods worth above Rs 25,000 will have to mandatorily obtain an Exim code. However, exporters need Exim code for exports of Rs 500,000 and above. Officials claim that the enforcement of the rule will help control fake firms and revenue leakage, and also introduce price uniformity in the market. </p>
<p style="text-align: justify;">Presently, information of import is sent to the Nepali consulate in Kolkata through the Department of Commerce after opening letter of credit ( LC), and the consulate sends it to the Indian Customs with due process , and this process will be automatically shortened through this new technology, said Section Officer Arjun Poudel. A separate software is being prepared for this, he said. </p>
<p style="text-align: justify;">Director Bhandari said this arrangement is effective worldwide as it discourages fake transactions besides saving time of the exporters and importers.</p>
<p style="text-align: justify;"> </p>
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'title' => 'Government to Implement Exim Code from Next FY',
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'summary' => 'January 18: The government is planning to implement Exim Code from next fiscal year (2017-18) in a bid to make foreign trade transparent and effective. The mechanism is being implemented from the next fiscal year starting in July to systematize the export-import trade with India and third countries. According to the Customs Department, exporters and importers will have to obtain Exim code first for their export and import. "The mechanism is being implemented to discourage il',
'content' => '<p style="text-align: justify;">January 18: The government is planning to implement Exim Code from next fiscal year (2017-18) in a bid to make foreign trade transparent and effective.</p>
<p style="text-align: justify;">The mechanism is being implemented from the next fiscal year starting in July to systematize the export-import trade with India and third countries. According to the Customs Department, exporters and importers will have to obtain Exim code first for their export and import. "The mechanism is being implemented to discourage illegal trade," said Devi Prasad Bhandari, Director of the Planning and Services Section of the Customs Department.</p>
<p style="text-align: justify;">Director Bhandari claims that the technology will further encourage legal foreign trade. He informed that the technical preparation has already been initiated for its implementation. According to the Department, registration of code will start from January 26. The exporters and importers can apply for registration through online.</p>
<p style="text-align: justify;">Although the Customs Act had already mechanised Exim Code for transparency in export and import, it is being implemented only after a decade. The Department has also interacted and collected suggestions from industrialists and entrepreneurs of major export-import hubs for its implementation. Bhandari informed that the entrepreneurs from Birgunj and Bhairahawa have been consulted for this. "Series of discussions with stakeholders have been conducted for the purpose. Suggestions from the Federation of Nepalese Chambers of Commerce and Industries (FNCCI) and Trade Facilitation Centre have also been drawn," he said.</p>
<p style="text-align: justify;">The preparation to introduce it has been started with an objective of increasing revenue recovery by systematizing and updating the statistics of the exporters and importers, said one official of the Department.</p>
<p style="text-align: justify;">Director Bhandari informed that the traders who import goods worth above Rs 25,000 will have to mandatorily obtain an Exim code. However, exporters need Exim code for exports of Rs 500,000 and above. Officials claim that the enforcement of the rule will help control fake firms and revenue leakage, and also introduce price uniformity in the market. </p>
<p style="text-align: justify;">Presently, information of import is sent to the Nepali consulate in Kolkata through the Department of Commerce after opening letter of credit ( LC), and the consulate sends it to the Indian Customs with due process , and this process will be automatically shortened through this new technology, said Section Officer Arjun Poudel. A separate software is being prepared for this, he said. </p>
<p style="text-align: justify;">Director Bhandari said this arrangement is effective worldwide as it discourages fake transactions besides saving time of the exporters and importers.</p>
<p style="text-align: justify;"> </p>
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