Port Wings Maritime Exim Weekly Newspaper 22 April 2020 Issue

Page 1

www.portwings.in

For All Type of Marine & General Insurance

Apr. 22nd - 28th Issue

SANCO TRANS LTD

Also undertaking Life and Mediclaim Policies Contact:

K.Sivakumar,

M.Sc, B.L.,

Insurance Advisor

Off: Srinivasa Complex, No.72,/149, Linghi Street, Chennai - 600 001. Ph: 044-25260381 Mob: 9444222056 E-mail: mugavaishiva@gmail.com

Published from Chennai and Circulated among the trade across the country RNI TNENG/2014/59741

Wednesday, April 22, 2020

8 Pages

RECOGNITION OF ELECTRONIC TRADE DOCUMENTS: Shipping Ministry Seeks Govt Intervention New Delhi Port Wings News Network o ensure smooth cargo operations at India's ports amid the coronavirus pandemic, the shipping ministry has sought the commerce ministry's intervention for issuing advisory for recognition of electronic trading documents instead of "manual trade documentation" still required by many departments and financial institutions, according to a report in leading daily The Economic Times. Citing bottlenecks caused in handling EXIM cargo on account of the current manual process, it sought the commerce ministry's intervention for issuing advisory to departments, including customs, and the Indian Banks' Association for accepting 'electronically generated trade documentation'. India has 12 major ports -Deendayal (erstwhile Kandla), Mumbai, JNPT, Marmugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V O Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia) that handled nearly 705 million tonnes (MT) cargo in 201920. Citing challenges faced in handling of EXIM cargo, Shipping Secretary Gopal Krishna in a letter to Commerce Secretary Anup Wadhawan said the inability of service providers such as courier agencies, general lockdown restrictions and the requirement of

T

social distancing are causing severe impediment in issuance, delivery and despatch of physical format based trade documentation, which

is directly impacting the release of import containers and cargo. Stating that the current manual process that requires surrender of original bill of lading (BL) at the shipping lines office, collection of paper invoice and payment by cash and collection of paper delivery order issued by then shipping line add up to 11.5 hours of personto-person contact on an average, Krishna said it not only creates a high level of risk with the contagious nature of COVID-19 but results in considerable delays in release of cargo. Considering the present circumstances on account of COVID-19, the Indian Ports Association (IPA) under the aegis of the Ministry of Shipping has taken steps towards digitising some of trade related process through implementation of Port Community System (PCS), the letter said.

PCS was launched in December 2018 and has managed to digitise the major part in port related activities including e-invoice, e-payment and and electronic delivery order (eFile Photo DO). Bill of lading (BL), a critical component, however is still missing and trade bodies under the umbrella of the Federation of Indian Logistics Association (FILA) have supported the IPA initiative of eBL and identified providers like CargoX, the letter mentions. "I would request you to consider issuing suitable guidelines and advisory consistent with international conventions on the subject to Departments as well as to Indian Bank Association for banks in India by accepting 'electronically generated trade documentation'. "Also, the 'stakeholders of the trade industry' such as carriers, exporters and importers can also be issued mandate to adopt and use such platforms for 'electronically generated trade documentation' including Bill of Lading (document of title) across stakeholders and across nations," the shipping secretary said. "Such a measure shall help ease the economic and humanitarian Contd. on page -2

`12

Wing 6 Feather 36

Authorized Economic Operator

Mob : 9884085285

COVID-19 Effect: India's Monthly Exports Record Double-digit Decline New Delhi Port Wings News Network eacting to a highest ever double digit decline in monthly exports during March, 2020 by 34.57 percent at USD 21.41 billion, FIEO President, Mr Sharad Kumar Saraf said that spread COVID-19 across the globe has not only pulled down the world sentiment to its lowest but has also affected the global supply chain and brought economies in recessionary condition. Global economies are facing the worst crisis in terms of slowdown compared to the global depression of the 1930s. Mr Saraf added that the annual merchandise exports figure of USD 314.31 with a nominal negative growth of 4.78 percent is on the expected lines as exporters were not able to export during the second half of March due to lockdown, cancellations and delay of shipments and orders. FIEO Chief is also of the view that at least during the first quarter of the current financial year 2020-21 the sector will see a similar growth trend, which will be a global trend. However, from the second quarter of the fiscal, exports may start showing nominal growth depending on the condition evolving in the international market. Further with major global players including China, US, economies of Europe, Japan, South Korea, Australia, Russia, Gulf countries facing the brunt as oil and other commodity prices have drastically declined during recent days, the short-term perspective of the exports sector looks grim. Mr Sharad Kumar Saraf said that 29 out of the 30 major product groups were in negative territory during March 2020 except for ironore. Similar trend was also observed

R

FUMIGATION SERVICES PVT LTD.,

36

in the annual figures of 30 major product groups, where 22 out of the 30 major product groups were in negative territory. Further imports of USD 31.16 billion with a very high double digit decline of 28.72 percent during the month and an annual dip of 9.12 percent has come as relief both on the trade balance and current account deficit front. With crude prices moving southwards and supply disruptions extending to Europe and the US, due to COVID19, more comfort is expected Mr. Sharad Kumar Saraf, in imports President, FIEO during the next few months. Mr Saraf expressed his serious concerns over sharp decline in employment intensive sectors of exports which has serious ramifications for the jobs in the country particularly as domestic demand will also not be robust. Mr Sharad Kr Saraf reiterated that with the cancellation of over 50% of orders, gloomy forecast, major job losses and rising NPAs amongst exporting units, the Federation urges the Government to immediately announce a relief package for exports as any further delay would be catastrophic. Covid Interest free Working Capital Term Loan to Exporters to cover the cost of wages, rental and utilities, EPF and ESIC waiver for 3 months from March to May, 2020 and Extension of Pre and Post shipment credit by 90-180 days on their maturity is much needed step to help the exporting community during such difficult and testing times. Besides roll over of forward cover without interest and penalty, automatic enhancement of limit by 25% to address liquidity challenges and extension of Interest Equalisation Benefits should also be looked into for immediate consideration. President FIEO said that the huge support given by various economies to exports will put Indian exports in further difficulties as when the size of the cake reduces, competition intensifies with focus on prices.

Follow us in twitter @portwingsnews Visit

www.portwings.in • India’s 1st fumigation company to be accredited with NSPM 12 Standards • Fumigation of wooden packing material as per ISPM 15 standards

Experts in wooden pallet fumigation and Heat Treatment

• Disinfestation of Vessels

Please Contact for your requirements: FUMIGATION SERVICES No.1, Buddu Street, 3rd Floor, Chennai - 600 001 For Booking : 4242 7777, 2521 3409, 2522 1241 booking@fumi.in For PQ Arrangements : 2521 7488, 2224 2175 pqfumigation@fumi.in For New Enquires : 2522 0626, 2522 5061, 2524 0672 fumi@fumi.in Branches: Bangalore, Cochin, Coimbatore, Delhi, Guntur, Hosur, Hyderabad, Kakinada, Krishnapatnam, Mangalore, Mumbai, Mundra/Gandhidham, Tuticorin, Vizag

• All Type of Residential & Commercial Pest Control Services

www.fumigationservice.com

• Heat treatment for wooden packing material • AFAS accredited fumigation agency (Australian Quarantine) • Phyto Sanitary Certificate Arrangements • Container Fumigation • Ship holds Fumigation • Ware House Fumigation

for Latest News

Inside Duisburg’s Port is China’s... Pg-2 V O Chidambaranar Port Creates... Pg-3 Seafarers Still at Sea as Govt. ... Pg-4 Medium, Heavy Trucks to Face... Pg-5 Vessel Position at Terminals and Ports... Pg-6 Latest Customs Exchange Rates... Pg-7 Virgin Atlantic Delivers 3.5 Million... Pg-7 DP World Launches Worldwide... Pg-8

RNI No. TNENG/2014/59741 Postal Registration No. TN/CNIGPO/067/2018-2020 Posted at Pathrika Channel, Egmore, RMS, Chennai-8. Date of Publication - Wednesday, Posted on Tuesday / Wednesday


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.