Skip to main content

Customs Seeks to Put Exports in Cruise Mode

Customs Seeks to Put Exports in Cruise Mode
Cargo to bypass inspectors, to sport RFID chip from Oct
Keen to reduce inspector raj from movement of India's exports, the customs department is devising a plan that will allow goods to move from factory to ships without any checks.From October, consignments would not be required to be sealed in the presence of inspectors. Instead they will sport an RFID chip with details of the consignment that can be accessed by a reader.

“Supervised sealing of containers will be discontinued from October,“ said a government official. Instead, electronic self-sealing with RFID chip will be introduced, the official added. Only those consignments with perceived risk will be closely examined.

This would enable cargo to move expeditiously and prevent unnecessary hold ups at ports bringing down transaction cost of exporters and also chances of corruption.

The development follows the risk based assessment introduced by the Customs through SWIFT, or Single Window Interface for Facilitating Trade, in April this year. Self-sealing is available to a small category of exporters, but most do not opt for it as their containers are then opened at ports.Sealing in presence of excise inspector, despite the attendant issues, ensured that containers were not opened later.

The latest move is also in line with the rollout of goods and services tax (GST) that allows se amless flow of information about company and its business to tax authorities, thus eliminating the need of the presence of inspectors during sealing.

The industry , however, wants the government to give it some time to sort out the technology aspect of the process for a smooth transition.

“We have asked the Central Board of Excise and Customs to give us some more time,“ said Ajay Sahai, director general, Federation of Indian Export Organisations.

India is placed 133 in the World Bank's ease of doing business rankings, though it made substantial improvement in its performance on the Customs front.

The government has adopted a national trade facilitation action plan while the SWIFT system allows importers and exporters to file just one form at ports for clearance from all agencies including the Food Safety and Standards Authority of India, Drug Controller General of India and Plant Quarantine and Wildlife Crime Control Bureau.

The foreign trade policy announced in 2015 has set export target of $900 billion by 2020.In 2016-17, India's merchandise shipments aggregated at $275 billion.

The Times of India, New Delhi, 26th August 2017

Comments

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...

After RBI rate cut, check latest home loan interest rates of top banks for loans above Rs 75 lakh

  The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points from 6.50% to 6.25% in its monetary policy review as announced on February 7, 2025. After the RBI repo rate cut, banks such as SBI, Canara Bank, PNB, and Union Bank among others have cut their repo linked lending rates. Most other banks are also expected to cut their lending rates in line with the RBI rate cut. After banks cut their lending rates, their home loan borrowers will have to pay less interest. Normally, when a lender cuts the lending rate, borrowers get two options: Either to go for a reduction in EMIs or reduce the tenure of the loan. The second option will help the borrowers clear their home loan outstanding faster. In case, the borrower goes for reduction in EMI then the lower lending rate of the lender would mean lower Equated Monthly Installment (EMI) for borrowers.   EMI is the amount you will pay on a specific date each month till the loan is repaid in full.A repo rate-linked home ...

GST collections rise 9.9% to exceed Rs 1.96 trillion in March 2025

  Gross GST collection in March grew 9.9 per cent to over Rs 1.96 lakh crore, government data showed on Tuesday. GST revenue from domestic transactions rose 8.8 per cent to Rs 1.49 lakh crore, while revenue from imported goods was higher 13.56 per cent to Rs 46,919 crore. Total refunds during March rose 41 per cent to Rs 19,615 crore. After adjusting refunds, net GST revenue stood at over Rs 1.76 lakh crore in March 2025, a 7.3 per cent growth over the year-ago period.       - Business Standard 02 th March, 2025