Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: cpt :: VAT RATES :: form 3cd
 
 
« Customs and Excise »
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Seeks to amend Notification No. 27/2014-Central Excise
 Government doubles limit of excise duty evasion for arrest and prosecution
 Excise duty evasion limit to warrant arrest revised to Rs 2 crore
 Guidelines for launching of prosecution in relation to offences punishable under the Customs Act, 1962
 GST notification triggers uncertainty over excise duty
 Preparing for GST: govt looking at restructuring excise/customs cadre
 Refund of Terminal Excise Duty (TED) under Deemed Exports where Duty has been paid from CENVAT Credit and ab-initio waiver is not available.
 CBEC directs customs officials for random search of vessels
 Rate of exchange of conversion of the foreign currency with effect from 7th July, 2016

'Indian Customs laws on abandoned cargoes are unclear, used in brazen manner'
October, 16th 2012

One of the biggest nightmares for a liner shipping company is the fear that a cargo destined for an Indian port may be abandoned after landing and that it would not be able to recover the costs. This fear is genuine because abandonment of cargoes has now become rampant. In most cases the problem is associated with low-valued cargoes like waste oil, grease, used rubber tyres, scrap, old packaging material, waste paper, etc. While most of these products are imported for a genuine purpose there are some that may not have sufficient documents to prove they are bonafides.

The law in India is so unclear that the authorities use this, unfortunately, in such a brazen manner that leaves the shipping line owners tearing their hair in despair.

According to the Customs Department, goods that lie uncleared for 30 days in a Customs area (i.e. Major Port or a Non-major port, CFS, ICD etc) may be disposed off. The Major Port Trusts Act, 1963 states that goods that lie uncleared in port (read Major Port) for 60 days may be disposed off. The Tariff Authority for Major Ports (TAMP) permits auctioning of abandoned goods after 75 days. Do not include Mumbai, Kandla and Kolkata because these three ports do not follow TAMP directives. If you go to TAMP and inform that Kolkata, Mumbai and Kandla are not following your directives , it will say - "we are meant to make a law, but cannot force anyone to follow it!!!"

According to a Parliamentary Panel which went into the issue of "longstanding containers" in India (there are about 18500 TEUs of abandoned containers lying in Indian Ports, ICDs, CFSs etc) the method of disposing the longstanding containers was "working well."

According to the procedure of the Customs, four attempts should be made to auction off the cargoes in order to obtain the reserve price. But, if the reserve price is not reached, then the goods can be sold at any price at the fourth auction. Recently, according to the Customs, the auction should be attempted "ten times" and if reserve price is not reached, the goods should be "re-assessed" and auctions re-started . A new "Maritime Agenda" by Customs?

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions