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Govt might cap items acquired by people to stop misuse of customs norms – EAST AUTO NEWS

Govt might cap items acquired by people to stop misuse of customs norms


The federal government is reviewing customs norms relating to items and can doubtless announce a change in the course of the Price range to be offered on July 5, in accordance with a report by The Financial Instances.

The federal government may set an higher restrict on abroad items a person can obtain throughout a yr. “Norms are being reviewed… There’s a rising view {that a} tighter framework is required,” the article quoted a authorities official as saying.

The transfer is being thought of attributable to fears that international on-line marketplaces, particularly Chinese language firms, are misusing India’s no-cap rule on responsibility free items. There are people who obtain packages each day, the official added.

Moneycontrol couldn’t independently confirm the story.

Home e-commerce firms have approached the federal government on the topic, the report mentioned.

At current, people can obtain free samples and items as much as Rs 5,000 through courier with out paying customs responsibility. However there isn’t a restrict on the variety of items an individual is allowed to obtain in a yr.

The variety of abroad items acquired will be tracked utilizing a person’s Aadhaar or passport quantity, the report mentioned.

The federal government can also be contemplating tightening Know Your Buyer (KYC) norms for courier service suppliers. These suppliers are required to hold KYC checks, however smaller firms are inclined to ignore this rule, the official instructed the newspaper.



Govt might cap items acquired by people to stop misuse of customs norms – EAST AUTO NEWS
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