Page 63 - ELT_1st August 2020_Vol 373_Part 3

2020 ] TIT-BITS A101

Review of Customs exemptions, laws : CBIC invites sugges-
tions from stakeholders

Kickstarting the process to review existing exemptions and laws of Cus-
toms, the Central Board of Indirect Taxes (CBIC) has invited suggestions from
stakeholders on aligning the rules with the needs of changing times and ease of
doing business.
The CBIC has invited comments on the same by August 21. A compre-
hensive review would be undertaken by September.
Finance Minister Nirmala Sitharaman in the Financial Year, 2021 Budget
had announced that a review of existing Customs exemption notifications would
be undertaken to identify those notifications which may have outlived their utili-
ty or have become outdated.
“In this context, suggestions are invited in respect of review of existing
Customs exemption notifications in prescribed format below. The suggestions
may include : The need for review of a particular notification, Amendment in
wording of the notification for bringing clarity, Consolidation of similar entries
and Extent of use of the notification,” the CBIC said.
[Source : The Indian Express, New Delhi, dated 27-7-2020]

Import curbs to be widened by March post BIS update
India will restrict imports of many low-quality products by March, when
the Bureau of Indian Standards will be ready with regulations for quality im-
ports as proposed by the Commerce Ministry, Consumer Affairs Minister Ram
Vilas Paswan said. This is expected to hit Chinese imports.
The Commerce Ministry has asked BIS to formulate standards in accor-
dance with international standards under 371 tariff lines, which account for 26%
of total imports. There are over 11,500 tariff lines in India with less than 10%
regulated.
“So far, we have formulated 368 mandatory standards and 239 more are
under process. Standards of most of the products are already in place. We will
complete formulation of all the products coming under 371 tariff lines by March
2021,” Paswan said.
[Source : The Economic Times, New Delhi, dated 28-7-2020]

Export firms duped of crores in online fraud
The cyber cell of Delhi Police has busted a gang that allegedly stole duty
rebate licences of export firms worth ` 3.4 crore by fraudulently generating digi-
tal signature certificate keys of more than 100 companies. Seven people have
been arrested.
DCP (cyber cell) Anwesh Roy said a probe was initiated after they re-
ceived complaints last year from four garment export firms alleging that their
licences had been stolen from the Directorate General of Foreign Trade (DGFT)
website and sold to multiple beneficiaries.
Investigations also revealed that the DGFT - empanelled firms tasked

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