Ministry of Finance conducts India’s first national Time Release Study (TRS)
The Department of Revenue under the Ministry of Finance is conducting India’s first national Time Release Study (TRS) between 1st – 7th August to enable faster movement of cargo across borders to benefit traders. The exercise will be institutionalized on an annual basis, during the same period every year hereafter. The TRS is an internationally recognized tool advocated by World Customs Organization (WCO) to measure the efficiency and effectiveness of international trade flows. This initiative 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. The national TRS will establish baseline performance measurement and have standardized operations and procedures across all ports. Based on the results of the TRS, government agencies associated with cross border trade will be able to diagnose existing and potential bottlenecks which act as barriers to the free flow of trade, and take remedial actions for reducing the cargo release time. The initiative is on ground lead by the Central Board of Indirect Tax and Customs.