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The customs division has put in place a simplified regulatory framework for e-commerce exports of jewelry by way of courier mode, the finance ministry stated on Thursday.
The framework retains in view the necessity for uniformity of motion by customs that brings certainty for the commerce. It additionally addresses a novel requirement of the e-commerce ecosystem for re-import of rejects in sure circumstances to the prescribed extent, it stated.
The simplified regulatory framework for e-commerce exports of jewelry by way of courier mode has been issued on June 30 by the Central Board of Oblique Taxes and Customs (CBIC) within the type of a Normal Working Process (SOP).
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The SOP particulars the dealing with, motion and procedural features for such exports based mostly on digital declarations by way of worldwide courier terminals.
The implementation of simplified framework was introduced by Union finance minister Nirmala Sitharaman on this yr’s Finances speech. Following this, the CBIC held wide-ranging consultations with stakeholders comparable to business associations, members of the commerce, e-commerce operators, authorised couriers and the customs discipline formations, earlier than finalising the SOP.
A interval of 1 month has been supplied for transition. The primary section begins with exports by way of Bengaluru, Delhi and Mumbai areas, the ministry stated.
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