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Home Economy

Time Release Study

June 15, 2020
in Economy
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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.
Tags: Prelims

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