It also streamlined licence requirement for CCSPs. 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.
India’s Central Board of Indirect Taxes and Customs has reduced insurance requirement for stored custom cargo to five days from 10 days to enhance cash flow for customs cargo service providers (CCSPs).
CCSPs meeting global operational standards (AEO) will no longer renew their licenses for handling goods and their licenses have been made synchronous to their AEO authorisation.
Their licenses have been made synchronous to their AEO authorisation. This will result in ease of doing business for logistics operators working as CCSPs, a release from the finance ministry said.
Fibre2Fashion News Desk (DS)
