Coming Soon
India’s increasing foreign trade is an outcome of several factors, and initiatives like Make in India have further cemented the track to significant and consistent growth. Thousands of multi-national companies have set up manufacturing and trading entities in India, and these entities import and export various goods.
The regulatory framework (Customs, FEMA, RBI and other government authorities) for cross border trade with India has always been complex, and while the government has taken several steps to ease doing business with India, the various complex customs laws and regulations present challenges to even the most evolved companies. Further the creation of export promotion frameworks like special economic zones, bonded warehouses & bonded manufacturing, free trade zones, deemed exports and others now treat several transactions within India as cross border transactions.
Compliance with customs laws falls squarely within the ambit of the ‘Governance’ pillar of the ‘ESG’ framework for sustainable business and hence is a focus area for improvement.
With this background, Canofy Technologies Private Limited has embarked on a journey to deliver technology-first innovation which enables companies to better comply with customs (and related rules) for import and export transactions with India.
Canofy leverages cutting edge technology to:
- Digitize and deconstruct a company’s import and export customs declarations automatically at a line item level.
- Preserve line level data and attachments in a query-able, audit friendly structure.
- Enable companies to run their own independent audits on the data to enable continuous improvement of the regulatory compliance.
- Enable companies to avoid manual data entry of a plethora of information into their accounting systems, by providing this data in a ready format automatically.
- Enable customers to track and analyse at a granular level the costs of the import and export logistics functions.
Canofy has set out to develop and deliver (for the trade compliance function), what accounting systems deliver for financial compliance functions, and do this using cost-effective, efficient tools.
