Government Regulations and Compliance

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The ONDC has now revised the structure of its incentive scheme to enable and provide its users with greater flexibility to the buyer-side applications on how they can provide discounts and other incentives. They also provide lower subsidiaries that boost the density of merchants on the network in non-metro districts.

The alert about the fifth revision of the incentive scheme was sent to network users and was effective after the Moneycontrol group reviewed the circular. The ONDC has achieved major milestones, including onboarding about 37 different network participants, including market leaders to startups, along with over 260000 merchants with more than 27 lakh worth of products.

ONDC’s Potential Future Developments
The ONDC is one of the greatest innovations in India to revolutionise the honduras phone number list eCommerce world. The issues that the ONDC encounters can easily be global. Despite the rise in internet connectivity worldwide, many organisations are still beyond reach for digital commerce. Here’s how the ONDC can significantly influence the global trade market:

Improving regulatory compliance: ONDC has established itself as a standardised and transparent platform. In addition to helping small businesses go online, it also helps them to adhere to international trade regulations. The compliance costs will vary depending on the overall costs of products businesses trade globally. The ONDC platform can substantially minimise costs by making it easier for small businesses to comply with trade regulations.
Streamlining and optimising cross-border transactions: This network has a very interoperable framework, making cross-border transactions more efficient. It also minimises complexities and costs associated with international trade. It promotes organisations to engage in global eCommerce.