Ministry of Finance
CBIC introduces relaxations for Customs Cargo Service Providers (CCSPs) by reducing number of days for insurance of storage goods and withdrawal of licence renewal process for AEO-compliant CCSPs
Relaxations will reduce cost and compliance burden, improve efficiency of EXIM operations, and facilitate global trade
Posted On: 08 NOV 2024 6:10PM by PIB Delhi
In line with the PM Gati Shakti National Master Plan’s goals of improving logistics infrastructure, efficiency, and promoting sustainable development, the Central Board of Indirect Taxes and Customs (CBIC) has introduced key relaxations for Customs Cargo Service Providers (CCSPs).
Key relaxations provided under Notification No.75/2024-Customs (N.T.) dated November 7, 2024 and Circular No. 22/2024-Customs dated November 8, 2024 are:
- Number of days for insurance of storage goods eased: Customs Cargo Service Providers (CCSPs) were required to insure goods stored in Customs areas for a period of 10 days in terms of Handling of Cargo in Customs Areas Regulations, 2009. It has been decided to reduce it to 5 days as a trade facilitation measure. This will enhance the cash flow for the entities by reducing the cost.
- Licence Renewal Process withdrawn: In a move to acknowledge well-established and compliant business entities, Customs Cargo Service Providers (CCSPs) that meet international operational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.
These measures aim to reduce operational costs and compliance burdens for CCSPs, that play a crucial role in handling of imported and exported goods. The changes are part of the Government’s ongoing efforts to reduce the cost and compliance burden, improve the efficiency of EXIM operations, and facilitate global trade.
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.
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