Context: Ministry of Finance has made the payment for import duties for goods imported through Courier mode mandatory via the Electronic Cash Ledger.
About Electronic Cash Ledger
- Electronic Cash Ledger or e-Cash Ledger module enable users to create a virtual account on ICEGATE website.
- It acts as a mode of payment to pay customs duty online apart from current modes of payment which are internet banking and NEFT/RTGS.
- E-Cash ledger is a type of wallet facility on ICEGATE website to credit funds in the virtual accounts of the registered IEC holders/Customs brokers/Courier Agents and can be used for customs duty payments.
- Users can add money in their ECL wallet using internet banking facility of 16 banks. Users can also add money to their ECL wallet using NEFT/RTGS mode via any of the 27 nationalised banks.
Users of ECL Facility
- IEC holders with DSC, Customs Brokers, Courier Partners, Unaccompanied Baggage declaration.
- Central Excise and SEZ payments cannot be done using this facility.
Significance of the above decision
- Electronic Cash Ledger shall be the mode of payment of import duties for goods imported through international courier terminals from 1st of March 2024.
- The introduction of ECL will allow Express Industry can make payment through multiple banks as per convenience by internet banking and NEFT/RTGS from existing one bank.
- Earlier, Electronic Cash Ledger was implemented for payment of import duties for cargo processed through EDI at Seaports, ICDs and LCSs from 1st April 2023.
- New ECL mode of payment is also available for all EXIM and it would facilitate ease of doing business to the trade.