Electronic Cash Ledger (ECL) is an online platform developed by the Indian Customs department for making payments related to customs duty, taxes, and fees. It provides a convenient and secure way for importers and exporters to make payments online, without the need for physical visits to customs offices.
Recently, the Indian government has announced an update related to ECL payments. The Reserve Bank of India's NEFT/RTGS system, which is used for making ECL payments, will be unavailable on specific days. These days include all Sundays, 2nd and 4th Saturdays, and national holidays such as 26th January, 15th August, and 2nd October.
It is essential for EXIM traders to take note of these dates while making customs duty payments through the ECL platform. The availability of NEFT/RTGS services is crucial for making timely and efficient payments, and it is advisable to plan accordingly to avoid any delays or penalties.
In addition to the 11 banks already registered for making customs duty payments through internet banking, 16 specified banks are now registered for making payments through NEFT/RTGS mode. These banks include State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, Punjab National Bank, Bank of Baroda, and others.
Overall, this update related to the availability of NEFT/RTGS services highlights the importance of timely and efficient payments through the ECL platform. Importers and exporters must take note of the specific days when NEFT/RTGS services are unavailable and plan accordingly to ensure smooth customs clearance processes. With the growing importance of electronic payment platforms, ECL is likely to play an increasingly critical role in India's international trade, facilitating seamless and efficient customs clearance processes and boosting economic growth and development
