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Electronic Transfer of Duty Drawback Funds

PIB Summary- 15th June, 2024 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC

Context

Recently, the Central Board of Indirect Taxes and Customs (CBIC) has decided to electronically transfer duty drawback funds via the Public Finance Management System (PFMS) directly to exporters’ bank accounts to ensure transparency and efficiency.

Duty Drawback

Definition:

  • Under Section 75 of the Customs Act, 1962, duty drawback provides a rebate on customs duty charged on imported materials or excisable materials used in manufacturing export goods.
  • This system assists exporters in reducing some of the costs associated with the export process, particularly within the supply or value chain.

Significance of Electronic Disbursal of Duty Drawbacks:
Efficiency and Transparency:

  • Electronic transfer of duty drawback funds has been introduced to streamline processes, reduce processing time, eliminate manual intervention, and enhance transparency in customs operations.
  • This system removes the need for physical documentation and manual processing, thus reducing the time and effort required to claim refunds.
  • The electronic system improves transparency by providing exporters with real-time visibility into their claims’ status and enabling seamless refund process tracking.

Commitment to Paperless Operations:

  • This initiative supports the Central Board of Indirect Taxes and Customs (CBIC)’s commitment to paperless customs and trade facilitation, leveraging the World Trade Organization’s Trade Facilitation Agreement (TFA).

Public Financial Management System (PFMS):

Overview:

  • PFMS is a web-based software application developed and implemented by the Office of the Controller General of Accounts (CGA), Ministry of Finance. Initially launched in 2009 as a Central Sector Scheme by the Planning Commission (now NITI Aayog).

Objectives:

  • The primary objective of PFMS is to establish a robust Public Financial Management System by creating an efficient fund flow system and a payment-cum-accounting network.

Coverage:

  • Currently, PFMS includes Central Sector and Centrally Sponsored Schemes, as well as other expenditures, including Finance Commission grants.

Benefits:

  • PFMS offers stakeholders a real-time, reliable, and meaningful management information system and an effective decision support system, aligning with the Digital India initiative.
  • The system is integrated with the core banking system in the country, enabling seamless financial transactions and promoting transparency and accountability in managing public funds.

Question for PIB Summary- 15th June, 2024
Try yourself:
What is the primary objective of the Public Financial Management System (PFMS)?
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The document PIB Summary- 15th June, 2024 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC is a part of the UPSC Course Current Affairs & Hindu Analysis: Daily, Weekly & Monthly.
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FAQs on PIB Summary- 15th June, 2024 - Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC

1. क्या करंसी कैसे किया जा सकता है?
उत्तर: करंसी को किसी भी ई-परिवहन या इलेक्ट्रॉनिक तरीके से किया जा सकता है, जिसमें करंसी के लिए ऑनलाइन भुगतान शामिल हो सकता है।
2. क्या किसी भी बैंक के माध्यम से करंसी में निधि हस्तांतरित की जा सकती है?
उत्तर: हां, किसी भी बैंक के माध्यम से करंसी में निधि हस्तांतरित की जा सकती है, जिसमें ई-ट्रांसफर, नेट बैंकिंग, या डेबिट/क्रेडिट कार्ड जैसे विभिन्न विकल्प शामिल हो सकते हैं।
3. क्या करंसी की राशि को वापस भी मिल सकती है?
उत्तर: हां, करंसी की राशि को वापस भी मिल सकती है यदि यह किसी कारणवश निरस्त कर दी जाती है या अन्यथा वापसी की आवश्यकता होती है।
4. क्या करंसी के लिए किसी खाते में निधि हस्तांतरित करने के लिए कोई शुल्क लगता है?
उत्तर: सामान्यत: हां, करंसी के लिए निधि हस्तांतरण के लिए किसी खाते में शुल्क लगता हो सकता है, लेकिन यह बैंकों और सेवा प्रदाताओं पर निर्भर करता है।
5. क्या करंसी के लिए निधि हस्तांतरित करने के लिए कोई नियम या सीमाएं हैं?
उत्तर: हां, करंसी के लिए निधि हस्तांतरित करने के लिए विभिन्न बैंकों और सरकारी निकायों द्वारा निर्धारित नियम और सीमाएं हो सकती हैं। यह निर्भर करता है कि आप किस बैंक या सेवा प्रदाता का उपयोग कर रहे हैं।
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