Current Affairs - Miscellaneous - Discussion

The Department of Revenue of the Ministry of Finance conducted India's first national Time Release Study (TRS) from August 1-7, 2019. It will be conducted on an annual basis, during the same period every year hereafter. It is lead by the Central Board of Indirect Tax and Customs (CBIC). It is an internationally recognized tool advocated by the World Customs Organization (WCO) to measure the efficiency and effectiveness of international trade flows. The WCO TRS is specifically referenced in Article 7.6 of the WTO Trade Facilitation Agreement (TFA) as a tool for Members to measure and publish the average release time of goods. To identify and address bottlenecks in the trade flow process and take the corresponding policy and operational measures required to improve the effectiveness and efficiency of border procedures.