Kathmandu, July 17: The vehicle and consignment tracking system (VCTS) has been brought into operation from today.
Finance Minister Dr. Yuba Raj Khatiwada launched the system amidst a programme in the capital today. The government has launched the web-based ‘vehicle and consignment tracking system’ to keep track of the whereabouts of the cargo-carrying containers and trucks.
On the occasion, the Finance Minister said that the tracking system is a mechanism to render the trade and business transactions formalized, legal and transparent, besides promoting good governance. He expressed the conviction that the tracking system will further support in the promotion of the formal economy in the context of half of the economy remaining in the country informal.
The new computerized system is being developed by the Department of Revenue Investigation (DRI). It will facilitate the transport entrepreneurs, importers, and businesses with the real-time update of the vehicular movement about their cargo and consignment.
The Department of Revenue Investigation said that the tracking system will create greater transparency in the import business, check the smuggling of goods and discourage the use of a fake bill of the Value Added Tax (VAT). (RSS)