Seeks to amend No. 64/2023-Customs, dated the 7th December, 2023 in order to allow duty free imports of yellow peas with bill of lading issued on or before 30.06.2024
Introduction: The Ministry of Finance, through Notification No. 23/2024-Customs, has introduced an amendment to No. 64/2023-Customs, dated December 7, 2023. This amendment aims to facilitate duty-free imports of yellow peas, with a crucial stipulation regarding the bill of lading issuance. Let’s delve into the details of this significant modification.
The amendment is primarily focused on altering the time frame for duty-free imports of yellow peas specified in the original notification. Initially, imports were allowed until April 30, 2024. However, with this amendment, the timeline has been extended until June 30, 2024.
This extension is crucial for traders and importers dealing with yellow peas. It provides them with a broader window to conduct their import activities without the burden of customs duties. Yellow peas are a significant commodity in various industries, including food processing and animal feed production. Thus, this amendment is expected to positively impact these sectors by ensuring a continuous and uninterrupted supply of yellow peas.
Moreover, the requirement regarding the bill of lading is noteworthy. The notification specifies that duty-free imports of yellow peas will be allowed only if the bill of lading is issued on or before June 30, 2024. This condition aims to streamline the import process and prevent any potential misuse or misinterpretation of the amendment.
The amendment reflects the government’s responsiveness to the evolving needs of the market. By extending the deadline and introducing a clear criterion regarding bill of lading issuance, the government aims to facilitate smoother trade operations while ensuring compliance with regulatory norms.
Conclusion: In conclusion, the amendment introduced through Notification No. 23/2024-Customs is a significant development for the import of yellow peas. By extending the deadline for duty-free imports and specifying conditions regarding bill of lading issuance, the government aims to support trade activities while maintaining regulatory integrity. This amendment is poised to benefit traders, importers, and industries reliant on yellow peas, fostering economic growth and stability in the relevant sectors.
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MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 23/2024-Customs | Dated: 5th April, 2024
G.S.R. 244(E).— In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) read with section 124 of the Finance Act, 2021 (13 of 2021), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 64/2023- Customs, dated the 07th December, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide number G.S.R. 884(E)., dated the 07th December, 2023, namely:-
In the said notification, in the Table, against S. No. 1, in Column (4), for the words and figures “30th day of April, 2024”, the words and figures “30th day of June, 2024” shall be substituted.
[F. No. CBIC-190354/241/2023-TO(TRU-I)]
VIKRAM VIJAY WANERE, Under Secy.
Note: The principal notification No. 64/2023-Customs, dated the 07th December, 2023, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 884(E), dated the 07th December, 2023, and was last amended vide notification No. 12/2024-Customs, dated the 21st February, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 121(E), dated the 21st February, 2024.
