Export/Import Updates!
May 31, 2021

Indian Customs to Quiz Importers on Free Trade Agreement (FTA) claims

According to a provision proposed in the latest budget, Indian Custom Officials can now ask importers about imported goods. The provision is applicable to all imports that have happened within the past five-years under the Free Trade Agreement (FTA). According to the Directorate of Revenue Intelligence, it will help Indian Custom Officials curb instances of false claims for FTA benefits. India’s deficit has dropped from $148.2 billion in April-December 2018 to $118.1 billion in April-December 2019.

 

The rules of origin serve as criteria to determine the origin country of any imported product. The information will be used by the Indian Custom Officials to determine if FTA claims are legitimate or not. According to the Directorate of Revenue Intelligence (DRI), the use of fake documents has been on the rise. Importers often show fake documents to change the origin country to take advantage of India’s trade pact laws.

 

However, industry experts are not happy about the decision by the Indian custom officials. It could lead to harassment even for legitimate importers. The move comes in the wake of the Indian government trying to curb imports in the country by introducing stricter norms. Industry representatives have called the move protectionist citing low utilization of FTAs in the first place.

Editorial Team
Editorial Team
Customer success manager

More articles

7 Key Points of The Budget 2020: The Import and Export Sector

7 Key Points of The Budget 2020: The Import and Export Sector

Read key details about various schemes like NIRVIK, reimbursements that state levies, increase in Fishery exports, hike in customs duties, export hubs, FTA, and more.

How Does India’s RCEP Decision Impact Indian Exporters/Importers?

How Does India’s RCEP Decision Impact Indian Exporters/Importers?

Know about the RCEP trade deal, its expectations & limitations. The pros & cons of India's decision to opt-out of the trade deal. And how does this decision impact the Indian exporters & importers.

Export With Payment Of IGST: GST Refunds Part 2

Export With Payment Of IGST: GST Refunds Part 2

Everything you need to know about the export of goods with payment of IGST, how to claim a refund, and common problems you might face during the refund process

NIRVIK Scheme for Exporters of India

NIRVIK Scheme for Exporters of India

The NIRVIK scheme will offer exporters faster claim settlement and higher insurance cover guarantee up to 90% of the principal.

Booking Cancellation/No-Show Fees Return As Covid-19 Bleeds Shipping Lines

Booking Cancellation/No-Show Fees Return As Covid-19 Bleeds Shipping Lines

Booking cancellation/no-show fees return as the coronavirus-related downturn has driven Maersk, MSC and Hapag-Lloyd to start penalising truant shippers.

Export Incentives in India: Everything You Need To Know

Export Incentives in India: Everything You Need To Know

Know about the types & benefits of export incentives in India. Understand who implements these schemes, how they work and why they are important.

Export/Import Updates!

Heading

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.

Sara Smith
Customer success manager

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.

Heading

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Resources

No items found.