Explore Business Standard
Customs
The duty free import authorization (DFIA) scheme, aimed at cutting input costs for exporters, is being misused by some companies, and it has turned into a "licence to loot" owing to a mix of vague policy definitions, lax enforcement, and judicial interpretations, economic think tank GTRI said on Sunday. The Global Trade Research Initiative (GTRI) said that the government should immediately intervene because if unchecked, DFIA misuse will destroy faith in India's export incentive regime and drive honest exporters out of business. A forensic audit of licences issued in the past five years is urgently needed, alongside recovery of duties from fraudulent imports, it said. When asked about the issue, the commerce ministry said that in the Directorate General of Foreign Trade (DGFT), there is a permanent mechanism of norms committees across sectors for looking into complaints of misuse of SION (standard input output norms) and misdeclaration of inputs used. "It is also being proposed tha
The Trump administration lashed out Monday against New York City officials over their sanctuary policies as authorities arrested a second man living in the country illegally in connection with the shooting of an off-duty U.S. Customs and Border Protection officer. U.S. Secretary of Homeland Security Kristi Noem called the two suspects, both from the Dominican Republic, scum of the earth. She said they'd accumulated lengthy criminal records in just a few years and should have never been free to commit Saturday's robbery-gone-wrong in a Manhattan park. Noem blamed the mayor and city council, nearly all Democrats, saying the people that were in charge of keeping the public safe refused to do so. Border czar Tom Homan, meanwhile, vowed the administration would flood the zone with Immigration and Customs Enforcement agents following the shooting. So sanctuary cities get exactly what they don't want: more agents in the community, he said alongside Noem and other officials during a news .
The Central Board of Indirect Taxes and Customs (CBIC) on Friday simplified and harmonised procedure for temporary import of Unit Load Devices (ULDs) or air containers, a move aimed at trade facilitation. With this simplified procedure, ULDs could also be imported temporarily outside the Customs area on execution of a Continuity Bond by the air carriers/air console agents, who take responsibility to export back within the specified time period. A ULD is a special container which is used to load cargo onto an aircraft. In a statement, the finance ministry said as a first step towards streamlining Customs Protocols, and aligning with the international best practices for movement of ULD outside Customs Area, CBIC has stipulated simplified and harmonised procedure for temporary import of ULDs on the lines of procedure already stipulated for marine containers being handled through the seaports since 2005. Further, the CBIC has also decided to waive the transhipment permit fee for all ..
The commerce ministry has alerted the customs authorities to maintain strict vigilance on imports and exports amid concerns about possible dumping of goods and re-routing of consignments from India to third countries following imposition of high tariffs by the US on China, an official said. As sweeping tariffs have been imposed on China, its goods have become expensive in the US market, and this could lead to diversion of goods into countries like India. The US has imposed a 125 per cent duty on China. The official said that customs have been alerted about monitoring our exports and imports to see if there is any extraordinary surge. India should not be used as a re-routing destination". The concerned line ministries and industry associations have also been asked to provide inputs on the surge in imports and its impact on the domestic industry.
Skoda Auto Volkswagen India will have to "fall in line and not play victim," the Customs department told the Bombay High Court on Thursday, justifying its tax demand notice of USD 1.4 billion to the company for allegedly providing misleading information about its imports. Additional Solicitor General N Venkatraman, appearing for the customs department, said the rule of law is the same for everyone. "You have to follow the law. You have to fall in line. The rule of law is the same for everyone. Similar importers are already paying 30 per cent," he said. The customs department was not at fault for sending the show-cause notice but "it is the company's fault for not classifying the items properly," the ASG added. "Don't be the victim here. If you don't follow the law then we will initiate action in accordance with the provisions of law," Venkatraman said. A division bench of Justices B P Colabawalla and Firdosh Pooniwalla was hearing a petition filed by the company, challenging the .