In order to reduce transaction time and costs, a number of initiatives have been taken in the recent past. A provision of "self‑assessment", both for imported goods and export goods, was introduced, by amending the Customs Act 1962 in the Budget of 2011‑12. After the implementation of the electronic data interchange system and risk management system, the practice in most customs formations has been to carry out assessment on selected bills of entry based on risk parameters and to allow the balance to be facilitated. While aligning the legal provisions with current practices, the proposed amendments would move the Customs administration further along the path of trust‑based compliance management. These amendments would provide a basis for progressive reduction in the levels of Customs intervention in clearance of import/export cargo leading to significant enhancement in facilitation for compliant trade. This would release resources for more incisive verification and audit of consignments that involve a high degree of risk, enabling the Customs to strike an optimal balance between the concerns of trade facilitation on the one hand and enforcement on the other.
A Task Force on Transaction Costs in Exports was set up in 2009 to identify the elements of transaction costs that could be addressed in the short‑term with the objective of providing immediate benefits to traders. It was also mandated to suggest measures to reduce transaction costs and the time involved in foreign trade transactions. The Task Force has identified 44 issues for reduction of transaction costs out of which 21 issues have already been addressed.