Customs duties Current Affairs, GK & News

CAROTAR Rules, 2020

CAROTAR is Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020. It came into force in September, 2020. These rules are set of guidelines that enforce the “rules of origin” for the rate on imports under Free Trade Agreements. What are CAROTAR rules? Under these rules, an importer is required to do due ..

Month: Current Affairs - December, 2020

Category: Economy & Banking Current Affairs - 2022

Topics: ASEAN • CAROTAR • Customs duties • Dumping • Free trade agreements • india-asean • India-China Trade Deficit • Look East policy

USA- France trade dispute

The tariff dispute between USA and France has started affecting bilateral trade. Recently, USA threatened to impose a 100% tariff on French imports such as wine, cheese and handbags. The threat comes in light of the recently announced French digital tax or the GAFA tax. The GAFA tax levies a 3% taxation on tech giants ..

Topics: Customs duties • Duty • Economy • Tariff • Tax

Steel Import Monitoring System Launched

The Ministry of Commerce and Industries has launched a steel import monitoring system (SIMS) to provide advance information about steel imports. Steel Import Monitoring System The system has been developed by the Ministry of Commerce and Industries in consultation with the Ministry of Steel on the pattern of US Steel Import Monitoring and Analysis (SIMA) system. Importers ..

Topics: Commercial policy • Customs duties • Economics • Economy • International taxation • Tariff

Ministry of Finance conducts India’s first national Time Release Study (TRS)

The Department of Revenue under the Ministry of Finance is conducting India’s first national Time Release Study (TRS) between 1st – 7th August to enable faster movement of cargo across borders to benefit traders. The exercise will be institutionalized on an annual basis, during the same period every year hereafter. The TRS is an internationally ..

Topics: Customs • Customs duties • Customs services • International law • International Relations • Organizations • Political geography • Port • World Customs Organization

National Time Release Study

For the first time the Ministry of Finance conducting national Time Release Study (TRS) as part of its strategic commitment for improving global trade. Time Release Study TRS is an internationally recognized tool advocated by World Customs Organization to measure the efficiency and effectiveness of international trade flows. The initiative on the ground is lead ..

Topics: Bottleneck • Business • Customs • Customs duties • Customs services • Economy • Ministry of Finance • Production planning • Project management • Touchpoint • Trade • trade flow • Trading Across Borders • World Customs Organization

Imports from Pakistan to India decline by 92% in March 2019

Imports from Pakistan to India have declined by 92% amounting to USD 2.84 Million in March 2019 after imposition of 200% customs duties on all products. The strong economic action against Pakistan was taken following Pulwama terror attack. Key Highlights Background: On February 2019, in aftermath of Pulwama terror attack for which Pakistan based JeM ..

Month: Current Affairs - June, 2019

Topics: Advance Authorisation Scheme • Customs duties • Import/Export • India- Pakistan • MFN Status • Most favoured nation • Pulwama Terror Attack • World Trade Organisation • WTO