Customs

Chatroom: Replacement part can be imported under EPCG scheme for spares

There is no stipulation that a free replacement must come only after re-export of the wrong shipment

Chatroom: 'Seller and buyer can agree to deviate from Incoterms'

Under the Customs laws, you are required to declare the transaction value, i.e., the price paid or payable for the goods

'In CIF/CFR contracts, the seller bears risk of variation in freight rates'

'As long as you expect to realise the CIF/CFR value of the goods and declare it correctly in your shipping bill/EDF, there is no violation under FEMA'

Customs duty changes in Budget will promote Make in India initiative: GTRI

Customs duty changes for several products such as precious metals, small cars, bicycles, toys and telecommunication components in the Budget will help promote the Make in India initiative of the government, economic think tank GTRI said on Friday. The Global Trade Research Initiative (GTRI) also said the import duty changes in Union Budget 2023-24 affect products that count for less than USD 14 billion or 2 per cent of the value in India's current import basket. A large part of the Budget exercise was devoted to reducing the number of duty slabs and exemptions. The government continued with the current import duty structure, making changes only when it has big reason to do so. This will allow the firms to think long-term, GTRI co-founder Ajay Srivastava said. Customs duty changes fall into four broad groups - duty hike , duty reduction, correcting inverted duty structure, and reducing the number of duty slabs. He said the combined imports value for products where duty was raised i

Gold worth Rs 2.01 crore seized at Mangaluru International Airport

Customs sleuths at the Mangaluru International Airport (MIA) have seized a total of 3,677 grams of smuggled gold worth Rs 2,01,69,800 between Jan 1 and 18 this year

Customs dept monitoring toy imports, newer modus operandi adopted: CBIC

The CBIC on Saturday said the customs department is closely monitoring import of toys and continuously tackling newer modus operandi adopted to circumvent the quality control and safety norms. The government earlier this week said 18,600 toys have been seized in the last one month from major retail stores, including those of Hamleys and Archies, at airports and malls across India for lack of BIS quality mark and use of fake licences. In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) said the customs department is engaged with both BIS and the DGFT (Directorate General of Foreign Trade) to thwart attempts of circumventing the quality control and safety checks. It said newer modus operandi adopted to circumvent the BIS restrictions by way of imports of parts of toys, staggered import of such parts through different ports, and misdeclaration of toys and their parts as entirely different items is being "continuously tackled". "Indian Customs has been closely monitoring

Customs department to destroy drugs worth Rs 538 crore in Navi Mumbai

The Customs Department in Mumbai will destroy more than 140 kilograms of narcotic drugs worth Rs 538 crore seized from the city international airport and other places here, an official said on Thursday. These drugs will be destroyed on Friday at the incineration facility operated by Mumbai Waste Management Limited (MWML) located at Taloja in Navi Mumbai, he said. "The seized drugs, collectively weighing 140.57 kg, comprise 56.06 kg heroin and 33.81 kg hashish, seized by the Mumbai Airport Commissionerate in 14 cases," the official said. Apart from that, 21.70 kg hashish was seized in a case booked at the Mumbai Air Cargo Export Commissionerate, whereas 3.29 kg heroin was seized in a case by the Directorate of Revenue Intelligence (DRI), he said. "The process of incineration will start around 12 pm and will be video-recorded in the presence of senior officials of the Mumbai Customs and the police department," he added.

'DGFT should align RoDTEP, Customs Tariff HSN Codes'

'The DGFT should also resolve the problem of exporters who have used the HSN Code as per Customs Tariff but have ticked the right box in the shipping bill to indicate their claim of RoDTEP benefits'

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

Tax-authorities tighten noose around under-invoicing of Chinese imports

Tax authorities suspect a tax evasion of more than Rs 16,000 crore through under-invoicing by businesses from April 2019 to December 2020

FM should clear the air on 'pre-import' matter

The Customs have started sending show-cause notices (SCN) to several exporters alleging violation of 'pre-import' condition in case of imports without payment of IGST under advance authorisations

Customs seizes 61 Kg gold worth Rs 32 crore at Mumbai airport; 7 held

Customs officials seized 61 kg of gold worth Rs 32 crore in separate operations at the Chhatrapati Shivaji Maharaj International Airport here, making it the highest value seizure by the department at the airport in a single day, an official said on Sunday. At least seven travellers, five men and two women, were arrested in the seizures that were made on Friday, the official said. This is the highest seizure in a single day in the history of the customs at the Mumbai airport, he claimed. In the first operation, four Indians returning from Tanzania were found carrying 1 kg gold bars, which were concealed in specially-designed belts with multiple pockets, the official said. Officials recovered 53 kg of UAE-made gold bars, worth Rs 28.17 crore, from the belts that the passengers had worn around their torso, he said. The belts were handed over to the travellers by a Sudanese national at Doha airport during transit time, the official said. The four travellers were arrested and remanded

Customs seizes US dollars worth Rs 4 cr at Mumbai airport, 3 arrested

The customs has seized USD 4,97,000, worth Rs 4.1 crore, at the Chhatrapati Shivaji Maharaj International Airport here, an official said on Thursday. After receiving a tip-off, the Air Intelligence Unit of Airport Customs intercepted three members of a family who were about to fly to Dubai on Wednesday morning, he said. An examination of their baggage led to the recovery of USD 4,97,000 in cash, hidden inside sarees, footwear and in a bag, the official said. All three were arrested and a local court sent them in judicial custody. Further probe is on, the official said.

Top headlines: Customs, excise mop-up, 42 companies approved for PLI & more

The government set a target of Rs 3.35 trillion for excise and Rs 2.13 trillion for Customs mop-up for FY23 while presenting the Budget in February

Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23

Duty cuts on edible oil, petro products to blame; may not hit overall collection

Customs department seizes gold worth Rs 20 lakh at Chandigarh airport

The Customs department seized 379 grams of gold worth nearly Rs 20 lakh from a passenger who arrived on a flight from Dubai at the Shaheed Bhagat Singh International Airport here, a statement said on Wednesday. The officers of the department intercepted the passenger while he was trying to cross the green channel, the department said in its statement. A search of his trolley bag resulted in the recovery of a gold wire with a silver-coloured coating. The wire, which weighed 379 grams, was concealed inside a steel strip of the trolley bag, it said. The recovered gold, having a market value of Rs 19.82 lakh, was seized by Customs officers as it was being illegally imported into India, it added. Further investigation in the matter is underway, the statement said.

Tussle over secrecy delays trade data compilation by Commerce Dept: Sources

The development comes in the backdrop of India's merchandise exports witnessing 4.8 per cent year-on-year rise to $35.45 billion in September

Importers still wait for clarity on expanded scope of IGCRS Rules

The new rules now say they come into play even in situations where the notifications prescribe end use of imported goods but do not specifically prescribe application of the new rules.

Need for rules to assist imported goods valuation unclear

The draft rules specify 11 types of imports that will be exempted from application of the rules

Delhi: Man held for smuggling wrist watches, including one worth Rs 27 cr

A man has been arrested by customs officials at Delhi airport for allegedly smuggling seven luxury wrist watches, including the one made of gold and studded with diamonds worth Rs 27.09 crore, officials said on Thursday. Commissioner of customs at Indira Gandhi International (IGI) airport Zubair Riaz Kamili said it is the biggest seizure, in value terms, of commercial or luxury goods. In value terms, it is equivalent to seizing around 60 kgs of gold in one instance, he added. The accused passenger, an Indian national, was intercepted by the customs officials after his arrival from Dubai on Tuesday, an official statement said. The detailed examination of the baggage and personal search of the passenger resulted in the recovery of seven wrist watches -- Jacob & Co (model: BL115.30a), Piaget limelight stella (SI.No.1250352 P11179), Rolex oyster perpetual date just (Sl. No. Z7J 12418), Rolex oyster perpetual date just (SI. No. 0C46G2 17), Rolex oyster perpetual date just (SI. No. ...