CBIC reduces compliance burden for customs cargo service providers

New Delhi, Nov 8 (PTI) The CBIC on Friday said it has reduced compliance burden for customs cargo service providers (CCSPs) by reducing number of days for insurance of stored goods and removing licence renewal process for AEO-compliant entities.
     In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said these measures aim to reduce operational costs and compliance burdens for CCSPs, that play a crucial role in handling of imported and exported goods. It would also improve efficiency of EXIM operations and facilitate global trade.
     The CBIC has notified reduction in the number of days for insurance of stored goods by amending the Customs Areas Regulations, 2009, which require CCSPs to insure goods stored in Customs areas for a period of 10 days in terms of Handling of Cargo.
     It has been notified to reduce it to 5 days as a trade facilitation measure. "This will enhance the cash flow for the entities by reducing the cost," the statement said.
     Separately, the CBIC has also notified that CCSPs that meet international operational standards (AEO) will no longer be required to undergo the renewal process of their licenses for handling goods under the Handling of Cargo in Customs Areas Regulations, 2009.
     "Their licenses have been made synchronous to their AEO authorisation. This will result in Ease of Doing Business for logistics operators working as CCSPs," the CBIC said.
     The CBIC's efforts are expected to reduce logistics costs, improve operational efficiency, and enhance India's position as a competitive player in global trade, it added.

(This story has not been edited by THE WEEK and is auto-generated from PTI)