CBIC to introduces Additional Disclosures from June 1 to fast-track clearances of Medicinal Products:

CBIC to introduces Additional Disclosures from June 1 to fast-track clearances of Medicinal Products The Customs Department proposes requiring extra disclosures for the export and import of pharmaceutical items beginning June 1, to expedite shipping approvals. Once implemented, these new disclosures would lessen Customs authorities' questions, which are regularly presented to EXIM dealers dealing in medical plants and chemicals. "With effect from June 1, it has been decided to make certain additional identifiers mandatory for imports and exports under some specific chapters of the Customs Tariff, for the purpose of effective avoidance of queries, enhancing efficiency in assessment and facilitation, addressing reasons for delays, and aiding policy formulation through a mechanism of more complete import declarations," the Central Board of Indirect Taxes and Customs (CBIC) said. It requested input from stakeholders on suggested amendments to import/export declarations by May 26. The proposal has been reviewed by the Department of Chemicals and Petrochemicals, the Ministry of AYUSH, and the Directorate General of Foreign Trade (DGFT).