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INDIA: All Shipping Payments Set to be Channelled Via Online Port Community System

India’s maritime industry is to be obliged to ditch all commercial bank payment options in favour of the recently launched online Port Community System (PCS1x). In line with this, all the country’s shipping-related payments are to be made via the new system, which will additionally offer a secure, cloud-based payment aggregator facility.

The new system, which also interfaces directly with the customs service, has apparently been introduced as part of moves to lower transactions costs in the shipping sector, reduce the port dwell time of goods and improve the ease of doing business in the maritime sector.

At present, a formal date for its mandatory adoption has yet to be announced.

Content provided by Picture: HKTDC Research
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