CBIC notifies waiver of bank guarantee for transhipment of import & export cargo via Sri Lanka and Bangladesh

The Central Board of Indirect Taxes and Customs (CBIC) notified the  waiver of Bank Guarantee for Transhipment of Import & Export Cargo via Sri Lanka and Bangladesh. The CBIC has received the representations that Customs authorities at some ports are insisting that ship owners provide Bank Guarantee for carriage of EXIM containers for transhipment from.

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New Foreign Trade Policy will be rolled out from April 1, says govt

India’s new Foreign Trade Policy, under formulation, will come into effect from April 1, 2021 for five years and will strive to make the country a leader in international trade, the government said on Tuesday. The information was shared with Members of Parliament during a briefing about the Foreign Trade Policy (FTP). The Parliamentary Consultative Committee of.

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Cargo of high-end car parts & black pepper declared as scrap

A team of city-based zonal unit of the Directorate of Revenue Intelligence (DRI) on Thursday night seized a container — declared as carrying scrap — coming from Dubai and found it filled with components for high-end cars, like BMW, and a huge quantity of black pepper. It was seized moments after it entered the Container.

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Commerce ministry seeks views from ministries on proposed national logistics policy

The commerce ministry has sought views of different departments on its proposed national logistics policy which aims at enhancing productivity and competitiveness of manufacturers by reducing the cost of logistics, sources said. The proposed policy talks about developing national and state master plans for multi-modal connectivity; formulation of an umbrella national logistics law; comprehensive standards.

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CBIC relaxes rules for courier import and export of COVID-19 vaccines

The Central Board of Indirect Taxes and Customs has issued a set of regulations to amend the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010, in a notification issued on December 30, 2020. These amended regulations, called the Courier Imports and Exports (Electronic Declaration and Processing) Amendment Regulations, 2020, will allow for certain.

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Import monitoring system being developed for several sectors: Commerce Ministry

The commerce ministry on Wednesday said an import monitoring system is being developed for several sectors, including aluminium, copper, footwear, furniture, sports goods, and gym equipment. The system would help gather advanced information on imports of these products and make it available to the stakeholders, including government and domestic industries. The system is already in place for steel.

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Cabinet clears modified scheme to enhance ethanol production

Union Cabinet on Wednesday approved modified scheme to enhance ethanol distillation capacity in the country for producing 1st Generation (1G) ethanol from feed stocks such as cereals (rice, wheat, barley, corn & sorghum), sugarcane and sugar beet. It also gave its approval for deepening and optimisation of inner harbour facilities including development of Western dock.

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