In Brief
The Electronic Bond will commence in the state from today
What is an E-Bond? What are its advantages?
The need for paper stamps will be eliminated
The Maharashtra government has made a significant decision, and from today (3rd), the electronic bond will be inaugurated in the state. What will change after this decision? Who will benefit? What is an electronic bond, and what are its advantages? Let's find out…
What is an e-bond? What are its benefits?
– The Maharashtra Government's Registration and Stamps Department, with technical assistance from NeSL and NIC, will launch the custom e-bond system today
– With this new system, importers and exporters can complete all processes with a single electronic bond instead of providing various paper bonds for different transactions
– These bonds can be used for provisional assessments, export promotion schemes, warehousing, and manufacturing in bonded warehouses, etc.
– This process is completely digital, where importers/exporters will create e-bonds through the ICEGATE portal, NeSL will handle e-stamping and e-signature, and finally, online verification will be done by customs officers
– Payment of all fees, including stamp duty, will be done entirely online
The need for paper stamps will be eliminated
– The fee of 500 rupees determined under the Maharashtra Stamp Act can now be paid online
This will eliminate the need for paper stamps
– Aadhaar-based e-signature – Transactions will become more secure and transparent due to e-signatures from both importers/exporters and customs officers
– The complete removal of the need for documents is a significant step towards 'green governance' from an environmental perspective
– Real-time verification will enable immediate verification by customs officers and curb fraud
– Necessary changes or increase in amount in the e-bond can be done electronically
– The customs process will become more efficient due to this system, making business easier and promoting the government's Digital India and Ease of Doing Business initiatives