• The Central Board of Indirect Taxes & Customs (CBIC) is launching the “Ekal Anubandh” initiative to streamline customs procedures and reduce the administrative burden on importers and exporters. This initiative introduces the Single All-India Multi-purpose Electronic Bond (SEB), replacing multiple transaction-wise bonds required at different ports. 

Current Challenges in Customs Bond Submission 

• Importers/exporters must submit separate bonds for each transaction at each port, leading to increased costs and delays. 

• The process requires physical documentation, making tracking and retrieval difficult. 
• Compliance with various Board circulars (related to Provisional Assessments, Export Promotion Schemes, Warehousing, and MOOWR) adds complexity.

What is SEB and How Does it Work? 

The Single All-India Multi-purpose Electronic Bond (SEB) is an electronic bond that allows traders to consolidate their obligations under a single bond instead of submitting multiple bonds at different ports. 

Key Features of SEB

1. Electronic Submission via ICEGATE: 

1. • Importers/exporters can submit a single SEB at any customs port through the ICEGATE platform. 

1. • They can specify multiple obligations under one bond.

      

2. Modification & Expansion: 
   Additional obligations or bond amounts can be added later through ICEGATE.

    

3. Digital Execution & Stamp Duty Payment: 

1. • The bond execution process is fully digital, removing the need for physical paperwork. 

1. • Electronic stamp duty is paid through National E-Governance Services Limited (NeSL). 

1. • No requirement for notary verification, as electronic signatures with time-stamping ensure authenticity.

      

      4. Electronic Bank Guarantee (e-BG) Integration: 

1. • Importers/exporters can link their Electronic Bank Guarantees (e-BG) with SEB. 

1. • Verification of Bank Guarantees is done digitally through ICEGATE.

      

Benefits of SEB: 

• Time-Saving & Cost-Effective – Eliminates repeated bond submissions, reducing delays and administrative work. 

• Fully Digital & Paperless – Enhances transparency and efficiency with real-time tracking. 

• Legally Enforceable Nationwide – The bond is executed in favour of the President of India, making it enforceable across all customs locations. 

• Environmentally Friendly – Reduces physical paperwork, supporting a sustainable trade ecosystem.