India, Oct. 4 -- In a major step towards digitisation and ease of doing business, the state government on Friday launched an e-bond system for importers and exporters. The initiative eliminates the need for traditional paper bonds and is expected to streamline customs processes, curb fraud, and boost revenue.

The new system, which features e-stamping, e-signature, online payments, real-time verification, and digital record-keeping, was inaugurated by state revenue minister Chandrashekhar Bawankule on Friday.

In February this year, the union finance minister Nirmala Sitharaman came up with the 'Ekal Anubandh' initiative, a digital system that allows importers and exporters to submit an all-India electronic bond eliminating the cumbersome...