Latest News | Customs to Introduce Additional Disclosures for Export-import of Medicinal Products from June 1
Get latest articles and stories on Latest News at LatestLY. The Customs Department is proposing to introduce additional disclosures for the export and import of medicinal products from June 1 to fast-track clearances of shipments.
New Delhi, May 22 (PTI) The Customs Department is proposing to introduce additional disclosures for the export and import of medicinal products from June 1 to fast-track clearances of shipments.
These additional disclosures, once introduced, will reduce queries of Customs officials, which are frequently posed to EXIM traders dealing in medicinal plants and chemicals.
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"For the purpose of effective avoidance of queries, enhancing efficiency in assessment and facilitation, addressing reasons for delays and aiding policy formulation through a mechanism of more complete import declarations, it has been decided to make certain additional identifiers mandatory for imports and exports under some specific chapters of the Customs Tariff, with effect from June 1," the Central Board of Indirect Taxes and Customs (CBIC) said.
It sought stakeholders' views on the proposed changes in import/export declarations by May 26.
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The proposal has been brought in consultation with the Department of Chemicals and Petrochemicals, Ministry of AYUSH and Directorate General of Foreign Trade (DGFT).
The information currently provided by the importers/exporters of these products is inadequate and does not provide the complete details of the product, thus, leading to insufficient inputs for devising policies, multiple queries during assessment and examinations, certifications from technical agencies etc, with a resultant delay in assessment and clearance, the CBIC said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)