Making the import and export easier and as part of efforts to improve its ranking on ‘Ease of Doing Business’, the Indian government reduced the number of mandatory documents required for import and export of goods to three in each case from the currently, around 10 documents required to fulfill the official obligations. The World Bank, had earlier stated that seven ‘mandatory documents’ were listed for export of goods from India, whereas import of goods into India required10 documents.
Now the mandatory documents required for export of goods from India include Bill of Lading/Airway Bill; Commercial Invoice cum Packing List, and Shipping Bill or Bill of Export. On the other hand documents required for import of goods into India include Bill of Lading/Airway Bill; Commercial Invoice cum Packing List, and Bill of Entry. The move will lead to reduction in transaction cost and time and will take effect from April 1. However, for export or import of specific goods or category of goods, which are subject to any restrictions/policy conditions or require NOC or product specific compliances under any statute, the authority concerned may notify additional documents.
An Inter Ministerial Committee under the Chairmanship of Directorate General of Foreign Trade (DGFT) was setup in July 2014 to study and recommend ways to reduce the number of mandatory documents required for export and import. Based on the recommendations, the Reserve Bank has agreed to do away with the ‘Foreign Exchange Control Form (SDF)’ by incorporating the declaration in the 'Shipping Bill' (for exports) and dispensing with the ‘Foreign Exchange Control Form (Form A-1)’ (for imports). Customs have also agreed to merge the Commercial Invoice with the Packing List and have issued a Circular for accepting 'Commercial Invoice cum Packing List' that incorporates the required details of both the documents.