Govt Eases Norms For Customs Cargo Service Providers To Boost Global Trade
Date
11/8/2024 12:00:14 PM
(MENAFN- IANS) New Delhi, Nov 8 (IANS) The Central Board of Indirect Taxes and customs (CBIC) has introduced key relaxations for Customs Cargo Service Providers to promote ease of doing business and cut logistics cost in order to facilitate global trade, according to an official statement issued on Friday.
The key relaxations include a reduction in the number of days for insurance of stored goods.
Customs Cargo Service Providers (CCSPs) were required to insure goods stored in Customs areas for a period of 10 days in terms of Handling of Cargo in Customs Areas Regulations, 2009. It has been now been decided to reduce it to 5 days as a trade facilitation measure. This will enhance the cash flow for the entities by reducing the cost, the statement said.
The new notification issued on Friday has also withdrawn the Licence Renewal Process. In a move to acknowledge well-established and compliant business entities, CCSPs who meet international operational standards (AEO) will no longer be required to undergo the renewal process of their licenses for handling goods under the Handling of Cargo in Customs Areas Regulations, 2009. Their licenses have been made synchronous to their AEO authorisation. This will result in ease of doing business for logistics operators working as CCSPs, the official statement said.
These measures aim to reduce operational costs and compliance burdens for CCSPs, who play a crucial role in handling imported and exported goods. The changes are part of the government's ongoing efforts to reduce the cost and compliance burden, improve the efficiency of EXIM operations, and facilitate global trade.
The CBIC's efforts are expected to reduce logistics costs, improve operational efficiency, and enhance India's position as a competitive player in global trade, in line with the PM Gati Shakti National Master Plan's goals of improving logistics infrastructure and efficiency in global trade to promote sustainable development, the statement added.
MENAFN08112024000231011071ID1108866203
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.