Mumbai, Oct 3 (IANS) In a transformative move aligning with India’s vision of a digital-first economy, Maharashtra has become the 17th state to launch the groundbreaking ‘E-Bond’ system, replacing traditional paper-based bonds for import-export transactions, announced Revenue Minister Chandrashekhar Bawankule on Friday.

“This marks a significant milestone in enhancing the ease of doing business,” he said.

The E-Bond system was unveiled at Mantralaya by the minister.

Bawankule said that this initiative is set to revolutionise Maharashtra’s trade and industry landscape, a key contributor to India’s economic growth.

“The E-Bond system eliminates the cumbersome paper-based stamp bonds, streamlining processes and fostering transparency in high-value transactions. This aligns seamlessly with Prime Minister Narendra Modi’s vision of a ‘Digital India’ and was guided by the strategic direction of Union Finance Minister Nirmala Sitharaman,” he added.

Bawankule said that Maharashtra handles approximately 3,000 to 4,000 bonds monthly for import-export activities, totalling over 50,000 annually.

“The E-Bond system will usher in a digital revolution, simplifying these transactions and setting a benchmark for other states.”

He further added that this is not just a state-level reform but a step towards strengthening India’s economic framework, making it more competitive on the global stage.

According to the minister, the E-Bond system enables seamless access to digital bonds across all the customs offices in Maharashtra, drastically reducing processing times for importers and exporters.

“This efficiency will enhance India’s trade competitiveness globally. By phasing out Rs 500 paper stamp bonds, the initiative will save millions of sheets of paper annually, contributing to India’s sustainability goals and environmental conservation efforts,” he said.

He further stated that the E-Bonds will enhance transparency in financial transactions, curb revenue leakages, and boost state and national treasuries, supporting India’s fiscal resilience.

He noted that this reform positions Maharashtra as a trailblazer in adopting digital solutions for trade, aligning with the government of India’s push for technological innovation and economic modernisation.

“By simplifying processes and reducing bureaucratic hurdles, the E-Bond system will elevate Maharashtra’s ranking on the national ease of doing business index, setting a model for other states to emulate,” he remarked.

Bawankule pointed out that this initiative reflects the spirit of ‘Viksit Bharat’ where technology and governance converge to empower businesses and drive economic progress.

–IANS

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