New Delhi [India], August 17 (ANI): The Central Board of Indirect Taxes and Customs (CBIC) on Tuesday streamlined the procedure of closure of facilities of Inland Container Depots (ICDs) and Container Freight Stations (CFSs) across the country in a maximum of four months only. No timeline was specified earlier.
"ICDs and CFS play a vital role in the exim trade as they store and clear import and export goods. These facilities are notified under the Customs Act, 1962 and are administered by the Customs authorities. However, at times a custodian may like to close (de-notify) the facility. The disposal of un-cleared, seized and confiscated goods import/export are prerequisites for the de-notification. The CBIC noted that this process was taking a long time which caused difficulties for the custodians," the Ministry of Finance informed in a press release.
The newly issued circular of customs, dated August 16, 2021, requires a custodian intending to wind up the operation to submit an application to jurisdictional Principal Commissioner/Commissioner of Customs for de-notifying the ICD/CFS.
A Nodal Officer at the level of Deputy/Assistant Commissioner of Customs would then facilitate the de-notification by coordinating the disposal of the goods lying at the facility in a time-bound manner, as per the release
"The new procedure would ensure undue cost and time over runs are avoided. Importantly, the de-notification shall be completed within a maximum of four months from the date of receipt of complete application," the ministry said. (ANI)