Tuesday, March 15, 2016

India eases customs rules for local arms of multinationals

The government has revamped decade and-half-old customs rules and done away with a requirement that made deposit of extra duty on imported goods by such entities mandatory. The new simplified mechanism has been prescribed to clear up past pendency at Special Valuation Branches (SVBs) of customs. In order to facilitate quick disposal of cases currently pending with SVBs for renewal, a system of one- time declaration is being provided.

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