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There is a dread of a break in supply of raw material to our industrial units, because of the current ongoing stoppage or shutdown in China on account of the Coronavirus outbreak, which was subject to these raw materials. There could likewise a drop-off cut in exports to China. On the other hand, there is a strong possibility of a prompt flow in the imports from China and exports to China once the transmission of the virus to manage fully under control.
To deal with such rising situations, necessary steps should be taken ahead in advance. CBIC, then accordingly, chose to present 24*7 clearances at all the customs arrangement, in order to surge on account of universal and common conditions or cessions thereof.
As we all are aware of the outburst of COVID-19 in our country, the Central Board of Indirect Taxes & Customs (CBIC) has taken some precautionary steps to shorten the risk of exposure to COVID-19.
Here are the following initiatives that CBIC has taken to cut down the outbreak of COVID19:
1. CBIC issued 24*7 clearances at all the customs courses of action to help cope with supply network disruptions due to coronavirus outbreak across the world (Refer Circular 02/2020-Customs dated Feb 20, 2020).
2. Significant Custom Houses across India have given Public Notices with respect to waiver of late fees for a postponed filing of Bills of Entry for goods imported from China, due to non-availability of import documents, post COVID-19 outbreak.
3. CBIC has selected the Commissioner of Customs as a solitary purpose of contact for all endorsements identified with setting up and managing tasks of assembling manufacturing units in India.
4. CBIC has set up an exchange helpdesk for EXIM trade stakeholders to moderate the foreseen unfavorable effect of the ongoing outbreak of Novel Coronavirus. This is available at http://cbic.gov.in and http://icegate.gov.in
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19 Mar
“An idea can change your life”: Well it’s true! I am glad that India is rising its way towards startup culture. It has literally pushed people to at least give it a try and not just live in a bubble. Being an entrepreneur you need a team and Neusource is there to help you and to raise your startup.
