BackUse AI, IoT to ease trade, check revenue loss: CBIC
CBIC chairperson S. Ramesh said there is no alternative than to adopt technology for the objective of facilitating trade and checking revenue loss
Premium
New Delhi: Customs administrations across the globe will have to harness modern technology, like artificial intelligence (AI) and Internet of Things (IoT), to facilitate cross-border trade and to check tax evasion, the Central Board of Indirect Taxes and Customs (CBIC) chairperson S. Ramesh said on Monday.
Speaking on the occasion of India becoming the vice-chair of the Asia Pacific (APAC) region of the World Customs Organisation (WCO), Ramesh said the country will encourage greater communication and connectivity within the region and implement a single-window system for inter-operability among stakeholders.
Listing out the strategic guiding principles that India as vice-chair of the APAC region would follow for two years till June 2020, he said the power of social media, analytics, and cloud computing in empowering customs administration in striking the right balance between facilitation and enforcement will have to be nurtured.
“We shall endeavour to ensure that modern technologies, such as blockchain, AI and IoT, become essential tools available to all customs administrations. “We need to work towards active deployment of non-intrusive inspection and detection techniques at sea ports, airports, borders...," Ramesh said at an event organised by the CBIC and CII.
Stating that it is imperative to harness technological advancements, he said there is no alternative to adopting technology for the objective of facilitating trade and checking revenue loss.
“What we now require is to remove the bottlenecks in trade to have a faster release time and lower cost, and to enhance competitiveness and business opportunities. There is a need to enable every customs administration to coordinate in a timely manner not only with other border agencies, but also with international partners. It is a fact that inter-state coordination in trade matters can increase compliance and reduce potential errors, thereby loss of revenue," Ramesh said.
The WCO represents 182 Customs administrations across the globe that collectively process approximately 98% of world trade.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
