Facility of deferred payment of customs duty extended to PSUs
New Delhi, Aug. Aug 25 : In an attempt to facilitate faster clearance of imported goods, the Central Board of Indirect Taxes and Customs has extended the facility of deferred payment of customs to public sector undertakings (PSUs). Under the new norms, authorised PSUs would be allowed to clear the goods imported by them through customs first and then pay duty later, within 14 days. “This measure is expected...
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Delhi Airport seizes gold smuggled in mobile phone from Dubai passenger
Customs officials at Delhi Airport have seized gold hidden in the mobile phone of a passenger arriving from Dubai. The 505 gram gold bar was moulded into the shape of a phone battery. Officers at the Indian capital’s airport detained the passenger who arrived on a Vistara flight on Monday. An investigation was launched but more details were not revealed. Gold smuggling is a major issue for India. Authorities...
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Make in India: Government likely to withdraw duty concessions for wind-turbine parts
Jul 29, 2020 BENGALURU: The government is likely to withdraw customs duty concessions for wind-turbine components to encourage the use of local equipment and reduce imports from China and other countries, people familiar with the development said. The withdrawal is expected to start in April 2021 and may be phased out completely in a year. Unlike the solar energy sector, where about 90% of the modules come from China,...
Read MoreGold smuggling: Two top officials in Secretariat, two ministers’ personal staff under cloud of suspicion
THIRUVANANTHAPURAM:, Twelve persons including two top officials in Secretariat and two ministers’ personal staff are learnt to have interfered in the gold smuggling case inorder to save the master brain Swapna Suresh, according to information received by the Customs. These persons are known to have put pressure on Customs to release the diplomatic baggage comprising around 30 kg gold and addressed to UAE Consulate.With this, the very nerve centre...
Read MoreIndia Bangladesh expanded river trade opens up opportunities for locals
India and Bangladesh recently signed the second addendum to the Protocol of Inland Water Transit and Trade (PIWTT) at the end of May, a step welcomed by traders in both countries. The agreement adds an additional route between Sonamura, in India’s Tripura state, and Daudkandi in Bangladesh to the existing eight protocol routes – along which vessels can travel across international borders. It also declares Jogigopha in India’s Assam state and...
Read MoreCochin Port sees 30% dip in Chinese imports; customs revenue shrinks
With the India-China border crisis escalating to a trade friction between the two countries, Cochin Port has witnessed as much as 30 per cent reduction in imports from China in just under one month. Due to prevailing uncertainties due to delayed movements of the consignments, many traders themselves have opted to reduce the Chinese imports. Simultaneously, customs duty revenue has taken a hit due to reduced imports from China....
Read MoreCustoms department rolls-out machine-based clearance of imported goods
In a bid to crack into the top 50 position in Trading Across Borders as part of the World Bank’s ease of doing business, the Central Board of Indirect Taxes and Customs (CBIC) has introduced machine-based automated clearance of imported goods. The new initiative is being piloted at Jawaharlal Nehru Port Trust (JNPT) and Chennai Port Trust from February 6 whereby the Customs officer will be able to do...
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Digitised dashboards transform customs clearance process
By Kundan Jha Jan 11 2020 / Sunday Guardian Live New Delhi: Ease of doing business dashboards of the Central government are helping individuals and firms avail faster customs clearance services. The digitised processes also provide the facility of real-time tracking of the shipment under the clearance process. Information Technology initiatives have made possible faster clearance and real-time assistance. On November last year, the Central Board of Indirect Taxes...
Read MoreTrade, tech issues seen to shape Asean’s future
By Bernadette D. Nicolas Nov 7 2019 / BusinessMirror FIFTY-TWO years ago, the founding members of the Association of Southeast Asian Nations (Asean) fought the embers of communism across Asia. Today, Asean is confronting another “FIRe,” the so-called Fourth Industrial Revolution. The FIRe is being seen as a tool that Asean needs to comprehend, brace for and harmonize if its member-states want a stronger regional economic integration via the...
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TNETS To Cover Paperless Customs At Shanghai Event
TNETS founder and director, Neil Johnson, will be presenting at the prestigious International Compliance Professionals Association (ICPA) annual industry gathering in Shanghai, China on Friday November 15. Discussing paperless customs declaration systems in South East Asia, Johnson will also cover systems in other markets, including India and China, by way of comparison. With an increasing focus on regulatory compliance, the growing need for data security, and the need for...
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