Centralization of KYC registrations for Pharma exporters

Multiple KYC registration for exporters at each port.

Export Import
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Last Updated on January 2, 2021 by The Health Master

The Federation of Pharmaceutical Merchant Exporters and Allied Products (FPME) has urged the Directorate General of System (DGS) to introduce centralised depository systems.

In this way exporter once Know your Customer (KYC) approved at one port is KYC approved at all ports across India and need not submit any KYC documents again to any port.

FPME added that the issue was regarding multiple KYC registration for exporters at each port.

The association stated that KYC documents are accessible to any port officials and custom officials from the said database wherever they require.

“The merchant exporters have been regularly working hard to bring in the foreign exchange to India by exporting various pharmaceutical and other allied products.

Also read | Recommendations for Foreign Trade Policy 2020-2025: Pharmexcil

We have been working very hard and keeping India in forefront even during the times of pandemic like the other C-19 warriors,” stated FPME managing committee member Ashutosh Jagnani.

Jagnani added, “The exporter has to register with customs authority for the first time exporter KYC once he/she makes first export. Now he may be exporting for years, but as soon as he selects or exports from new port, he has to re-submit KYC documents again.”

The association stated that in this time of central database and connect from anywhere to anywhere, exporter is still faced with one first time exporter KYC at each port.

“We are aware that Indian customs and Central Board of Indirect Taxes and Customs (CBIC) have made all ports and customs office electronic data interchange (EDI) enabled and exporter is free to export from any port of India, added FPME.

The association stated, “The issue may be small, however, sometimes time in our products it is very crucial in terms of timelines of delivery and exporter is caught off guard with this additional requirement of KYC at each port.”

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