Why is it in the news?
- Recently, government has decided to conduct 1st National Time Release Study
What is Time Release study?
- The World Customs Organization(WCO) Time Release Study is a internationally recognized tool to measure the actual time required for the release and/or clearance of goods, from the time of arrival until the physical release of cargo
Why to study?
- To find bottlenecks in the trade flow process and taking necessary measures to improve the effectiveness and efficiency of border procedures.
News
- Department of Revenue under Union Ministry of Finance is conducting India’s 1st National Time Release Study (TRS).
- The exercise is being conducted as a part of its strategic commitment to improve global trade.
- The exercise will be conducted at the same time across 15 ports including sea, air, land and dry ports which cumulatively account for 81% of total Bills of Entries for import and 67% of Shipping Bills for export filed within India.
- This initiative will also help India in improving its Ease of Doing Business ranking on the Trading across Borders indicator.
- In 2018, India’s ranking on the indicator improved from 146 to 80.
- TRS is an internationally recognized tool advocated by Brussels based World Customs Organization (WCO) to measure efficiency and effectiveness of international trade flows.
