Page 150 - DMGT546_INTERNATIONAL_TRADE_PROCEDURE_AND_DOCUMENTATION

Unit 6: Custom Clearance of Import and Export Cargo

Notes

Schedule II

Task Visit the custom clearance website of India and highlight the latest amendments
related to clearance of export and import.

Self Assessment

Fill in the blanks:
11. The ................................ contributes to the harmonization of Customs and trade procedures,
and the non-documentary trade data interchange in connection with such procedures, thus
reducing the costs related to international trade.
12. A ...................... may refer to a document allowing the importation of certain goods to
countries without paying customs duty.
13. An ..................... carnet is valid for one year from the date of its issuance.
14. A carnet de passages en douanes is an internationally recognised customs document entitling
the holder to temporarily import a ........................... duty-free into countries.
15. ............ means the assessable value as determined under the Customs Act, 1962 (52 of 1962).

6.7 Summary

The Government of India has prescribed the rate of duty to be imposed under Customs
Tariff Act, 1975. Import duty is levied on almost all items in order to restrict unnecessary
imports and save precious foreign exchange for the nation, while export duty is levied
only on a few limited products, where there is scarcity of Indian products for domestic
requirements and the government wants to control the exports of such products or services
so as to meet domestic demands. This is done by imposing exports duty on goods and
services that go out of the country; thereby making such items expensive to international
buyers.

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