New Delhi (NVI): Government is taking several initiatives to boost exports from India and give exporters an ease of doing business environment, including a three step process for clearance of good warehoused goods from a bonded facility.
Calling for Make in India – Export to the world approach amongst industries, Central Board for Indirect Customs and Taxes (CBIC) is allowing duty-free import of raw materials and capital goods for manufacturing and other operations in a bonded manufacturing facility.
To enhance the ease of doing business & promote investments in India, CBIC has streamlined a three steps process.
In the initial step a form is to be filled for transfer of goods from a facility. Then the Licensee of the originating warehouse affixes a one-time-lock, unless permitted by the Commissioner of Customs to transport without the lock, depending upon the nature of goods or the manner of transport.
In the final step, the licensee is required to produce an ‘Acknowledgement’ of the recipient warehouse stating arrival of goods to Bond Officer of the originating warehouse.
CBIC is making effort to promote India as the manufacturing hub globally.
