The Central Board of Indirect Taxes and Customs (CBIC) has introduced key relaxations for Customs Cargo Service Providers (CCSPs). Key relaxations provided under Notifications dated November 7, 2024 and 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- Licence Renewal Process withdrawn: In a move to acknowledge well-established and compliant business entities, Customs Cargo Service Providers (CCSPs) that meet international operational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.
