Customs duties: GK, Current Affairs, Questions, Trivia and News

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 ..

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 ..

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 ..

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 ..

Kochi hosts World Customs Organisation (WCO) regional custom heads meeting

The meeting of the Regional Heads of Customs Administration of Asia Pacific Region of the World Customs Organisation (WCO) is being organized by Central Board of Indirect Taxes and Customs (CBIC) in Kochi from 08th to 10th May, 2019. India is hosting this meeting in its capacity as Vice Chair of the Asia Pacific region ..

China: Trade talk with US improving

China and US have been on trade are for the last one year. This affected many countries globally especially in Asia. The conditions are now improving. The Chinese Government recently said that the talks with the US are improving after 9 rounds of consultations. The two sides of the Foreign ministry are now working together ..

2019 International Customs Day (ICD)

The International Customs Day (ICD) is observed every year on January 26 to recognize the role of custom officials and agencies in maintaining border security. It focuses on the working conditions and challenges that customs officers face in their jobs. The 2019 theme is “SMART borders for seamless Trade, Travel and Transport”. This reflects the ..

Mumbai venue of 80th Session of Policy Commission of World Customs Organization (WCO)

On 3rd December 2018, the 80th Session of the Policy Commission of the World Customs Organization (WCO) was held in Mumbai, Maharashtra . The Session is being organized by the WCO and hosted by the Central Board of Indirect Taxes and Customs (CBIC), India. The Indian delegation was headed by CBIC Chairman, S Ramesh. The ..