CBIC on Thursday said it will launch on July 4 Exchange Rate Automation Module (ERAM) system which will replace the existing manual process of notifying exchange rates through a notification.
It is common advice not to cater to unknown calls but is not practically possible in our day-to-day lives. Counting on this habit, fraudsters are posing as fake courier staff or customs officers to scam you. They call you to inform that the customs department under the Central Board of Indirect Taxes & Customs (CBIC) has intercepted a parcel/package in your name.
The government on Tuesday imposed restrictions on the import of gold jewellery and parts from all countries, except from its free-trade agreement (FTA) partner United Arab Emirates amid an ‘unusual surge’ in the inbound shipments.
The Customs department seized 4,600 used laptops and more than 1,000 computer parts of various brands worth Rs. 4.11 crore in Nhava Sheva, an official said on Monday.
Customs authorities have started closely looking at such imports and have withheld consignments over concerns that FTA provisions are being abused – goods routed through countries with which India has a trade agreement and therefore eligible for lower import duty.
India has signed mutual recognition agreements (MRAs) with customs authorities of seven nations and is actively pursuing negotiations for such pacts with other countries, a top official said.
The government has identified a clutch of products where inverted duty structure is distorting trade and impacting manufacturing competitiveness and has initiated the process to address the issue, a senior official said.
The government has recovered about Rs 852 crore under the amnesty scheme for exporters for one-time settlement of default in export obligation by the holders of advance and EPCG authorisations, an official said. The figures are likely to increase further as the exercise is on for the compilation of the data, the official added.
The government is working out a mechanism to help exporters handle the investigations by importing countries on support extended to them under the Remission of Duties and Taxes on Exported Products (RoDTEP) that sometimes leads to the imposition of countervailing duties.
In one of the largest such operation in its history, the Custom Central Intelligence Unit (CIU) of Jawaharlal Nehru Custom House (JNCH) has put on hold 122 containers on suspicion of containing banned Chinese fireworks, electronic items, microchips, and other contraband.
