The Financial Survey 2023 projected modifications in Customs Regulation and Procedures.

The Financial Survey showcased that:

● As a commerce facilitation measure, the validity of e-scrips issued beneath the Digital Obligation Credit score Ledger Laws, 2021, was elevated from one 12 months to 2 years from the date of their technology. Additional, the restoration provisions from the transferee holder of the e-scrips (issued beneath RoDTEP and RoSCTL schemes) and suspension of its credit score account have been additionally been omitted.

● With the intention to leverage the huge community of put up workplaces throughout the nation and allow MSME’s (Micro Small and Medium Enterprises) to export to world markets utilizing e-commerce or different common channels, the CBIC in collaboration with the Division of Posts (Dop) notified the Postal Exports (Digital Declaration and processing) Laws, 2022.

● Round No.8/2022-Customs dated 17.5.2022 was issued to allow exports from Bangladesh to India by rail in closed containers, with clearance at hinterland ICDs. A trans-shipment module has additionally been developed within the Indian Customs EDI system to digitise the process and therefore would decongest the border commerce factors and facilitate Bangladesh’s exports.

● Vide Round No. 17/2022-Customs dated 9.9.2022, CBIC has enabled export of containerised cargo from any inland Container Depot (ICD) to Bangladesh utilizing a mix of rail/ highway route and riverine route.

● With a view to leveraging the potential of inland Waterways for enhancing commerce and transit, CBIC has allowed motion of containerised export items of Bangladesh by way of India utilizing a mix of riverine and rail routes. This facility, allowed vide Round No. 19/2022-Customs dated 14.9.2022, includes entry of containerised cargo on a barge/vessel from Bangladesh into India as much as the ocean port of Kolkata or Haldia utilizing the riverine route.

● Vide Round No. 09/2022-Customs dated 30.6.2022, CBIC has put in place a simplified regulatory framework for e-commerce exports of jewelry by way of worldwide Courier Terminals (ICTs). The simplified framework is relevant on e-commerce export of jewelry fabricated from treasured metals (whether or not or not studded or set with treasured or semi-precious stones). This reform is aimed toward supporting the Make-in-India model within the worldwide markets and enhancing the competitiveness of Indian jewelry exports leveraging the quickly evolving world e-Market area.

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