Introduction: The Ministry of Finance (Department of Revenue) has issued Notification No. 61/2023-Customs, dated 28th October, 2023, which signifies a significant regulatory change. This notification pertains to the rescission of Notification No. 48/2023- Customs, dated the 19th August, 2023. In this article, we will explore the details of this rescission and its implications.
Detailed Analysis:
1. Context of the Rescission: Under the authority of section 25 of the Customs Act, 1962, the Central Government has exercised its powers to rescind a prior notification.
2. Rescission of Notification No. 48/2023- Customs: Notification No. 48/2023- Customs, dated the 19th August, 2023, has been rescinded by this latest notification. The rescission takes effect from the 29th day of October, 2023.
Please note The government has imposed a 40 per cent duty on the export of onions vide Notification No. 48/2023- Customs, to check price rise and improve supplies in the domestic market till December 31, 2023 which is not been rescinded rom the 29th day of October, 2023.
3. Impact on Prior Actions: The rescission is effective from the specified date, but it has implications concerning actions or omissions that occurred before the rescission.
4. Regulatory History: The rescinded Notification No. 48/2023- Customs, was initially published on 19th August, 2023. This notification’s rescission represents a change in the regulatory landscape.
Conclusion: The Ministry of Finance’s latest notification, No. 61/2023-Customs, indicates the rescission of Notification No. 48/2023-Customs, which was issued on 19th August, 2023. While this rescission takes effect from 29th October, 2023, it is essential to recognize that it may have implications for actions or omissions that occurred prior to this date. Regulatory changes and rescissions are vital components of government policies and trade regulations, and they can impact various stakeholders, including businesses and individuals. Staying informed about such updates is crucial to ensure compliance and make informed decisions in the evolving regulatory environment. Be aware of the specific changes and their potential consequences as they come into effect.
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 61/2023-Customs | Dated: 28th October, 2023
G.S.R. 804(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 48/2023- Customs, dated the 19th August, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 617 (E), dated the 19th August, 2023, except as respects things done or omitted to be done before such rescission.
2. This notification shall come into force from the 29th day of October, 2023.
[F. No. CBIC-1 903 54/1 58/2023-TO(TRU-I)]
NITISH KARNATAK, Under Secy.
