The Central Board of Indirect Taxes and Customs (CBIC) Friday reduced insurance requirement for stored custom cargo to five days from 10 days. It also streamlined licence requirement for Customs Cargo Service Providers (CCSPs). This period has been reduced to 5 days, enhancing cash flow for these entities by lowering costs, the finance ministry said in a statement issued Friday.
CCSPs meeting international operational standards (AEO) will no longer need to undergo license renewal for handling goods. Their licenses will be synchronized with their AEO authorization, easing business operations for logistics operators.