CBIC Launches Electronic Payment Of Duty Drawback To Exporters' Bank Accounts
The Central Board of Indirect Taxes and Customs announced on Wednesday that it has initiated the electronic disbursement of duty drawback amounts directly into exporters' bank accounts via the PFMS platform.
The disbursement of duty drawback amounts into exporters' accounts will be automatically facilitated through the Public Finance Management System. This initiative by the CBIC aims to progress towards paperless Customs and improve trade facilitation, as stated by the Finance Ministry.
The introduction of this new feature is anticipated to decrease the time required for the payment of drawback amounts by removing manual processes in the drawback disbursement mechanism, thereby enhancing transparency.
PFMS, which is developed and implemented by the Controller General of Accounts, has played a pivotal role in revolutionising the financial administration of the government. PFMS is used for Direct Benefit Transfer as well.
