National Time Release Study Report 2024:
The Central Board of Indirect Taxes and Customs (CBIC) released the National Time Release Study (NTRS) 2024 report, which measures the cargo release time at 9 ports in India.
- The NTRS 2024 report aims to assess the progress made towards the National Trade Facilitation Action Plan (NTFAP) targets, identify the impact of various trade facilitation initiatives, and identify the challenges to a more expeditious reduction in release time.
- The NTFAP aims to transform the cross-border clearance ecosystem through efficient, transparent, risk-based, coordinated, digital, seamless and technology-driven procedures that state-of-the-art sea ports, airports and land borders support.
- NTRS 2024 is the fourth annual national-level study utilising standardised methodology to analyse customs clearance times for imports and exports from 1st January to 7th February 2024.
- The study highlights the efficiency of the CBIC Pre-payment Customs Compliance Verification initiative, which speeds up final clearance upon duty payment, often within 3 minutes.
- In the CBIC Pre-payment Customs Compliance Verification (PCCV) initiative, all the Customs formalities are completed and final clearance is pending only for payment of duties by the importer.
