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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Customs and Excise »
 Central Board of Excise and Customs to be renamed CBIC by April
 Central Board Of Excise & Customs New Delhi GST Flyers
 Hike in customs duty on electronics likely to boost revenue collection
 Customs duty raised on electronic goods
 Ministry Of Finance (Central Board Of Direct Taxes) Notification
 Refund of IGST paid on export of goods under rule 96 of CGST Rules,2017
 Customs And Central Excise Drawback – Part II
 Customs Valuation (Determination of Value of Imported Goods) Rules 2007
 Amendment to Customs Valuation Rules – Notification No. 91/2017 (NT)
 GST on Custom House Agents
 The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes

Customs board plans partnership pacts to fast-track cargo movement
November, 01st 2011

The customs department will soon start negotiations with Indias trade partners to enter into agreements that will reduce scrutiny and procedural requirements for local exporters and importers, facilitating faster movement of cargo.

Under the mutual recognition agreements (MRA), two countries agree to recognize each others compliance standards with regard to inspection, auditing and accreditation.

Exporters, importers and other logistic providers authorized by the customs department under the authorized economic operator (AEO) programme will benefit from these agreements.

Once the MRAs are signed with foreign countries, those countries will recognize our AEOs and it will make it easier for exporters and importers. Goods can move without hindrances from the factory gates to the destination between countries, said S.K. Goel, member, customs, Central Board of Excise and Customs. It will be time-saving and reduce costs as well.

Indias customs department had notified the AEO programme in August as part of the Safe Framework of Standards (SAFE) adopted by the World Customs Organization. SAFE aims to support secure movement of goods by setting a range of standards for customs administrations and entities to follow. AEOs will get preferential treatment over non-AEOs and their consignments fast-tracked through customs controls.

Various countries have different security concerns. It is difficult for the customs authorities to examine cargo and address the security concerns, said T.N.C. Rajagopalan, an independent trade analyst. But if the exporter or importer has AEO status, his declaration will be accepted both by domestic and foreign countries custom authorities leading to faster movement of cargo.

India plans to sign accords with trading partners that have implemented AEO programme. The US, Japan and the European Union have some kind of AEO scheme, Goel said. We will enter into talks with them and look to sign these MRAs.

Entities will be notified as AEOs by the Central Board of Excise and Customs if they have a good track record of compliance of customs rules and other provisions, are financially solvent, have satisfactory systems of managing commercial and transport records, and have good security and safety standards.

We will start granting AEO status to the parties, and have invited applications for a pilot project. A few applicants will be selected for the pilot, Goel said. Depending on the results of the pilot, we should start granting AEO status to entities from next year, Goel said. The government will then start negotiating MRAs with foreign countries.

The grant of AEO status will also reduce the burden on the customs department. Customs primary responsibility is revenue generation. They have to perform assessment, valuation and examination of goods. Grant of AEOs will take care of security concerns, Rajagopalan said.

The scheme will benefit importers as they have to get more clearances, said A. Sakthivel, former president of Federation of India Export Organisations. Security concerns are greater when goods are imported.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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