CUTS International advises government to modernise infrastructure to help enhance competitiveness
The Dollar Business Bureau India’s leading research and advocacy firm, CUTS International has in its report said, ‘A strong and modern export infrastructure would help enhance competitiveness of Indian exporters in the global market and boost shipments.’ Export infrastructure needs to improve a lot. The research firm suggested that, "A robust export infrastructure leads to trade creation while the lacklustre picture of the same culminates into trade distortion," it said in a statement. Pointing out specific areas to the government, it said there are various challenges of connectivity and congestion in land and sea ports in the country that need special attention. "There is a need to improve upon the connectivity between the major ports and the mother vessels. Special emphasis required for capacity ...
CBEC amends Bill of Entry norms to prescribe late charges
The Dollar Business Bureau The Central Board of Excise and Customs has amended the Bill of Entry (Electronic Integrated Declaration) Regulations and Bill of Entry (Forms) Regulations – a part of the Customs Act, 1962 - to prescribe late charges for delayed filing. The amendments have been made to prescribe a late charge for delayed filing of Bill of Entry. After the amendment, the importer will be required to present the bill of entry before the end of the next day after the aircraft or vessel or vehicle carrying the goods has arrived at a customs station at which such goods are to be cleared for home consumption or for warehousing. The free period for filing a bill of entry is till the ...
Jharsuguda, Odisha notified as ICD for imported goods and loading of export goods
The Dollar Business Bureau Under the aegis of Container Corporation of India Ltd (CONCOR), a multi-modal logistic park was set up at Jharsuguda which has been operational since June. The CBEC has decided to include Jharsuguda as an Inland Container Depot (ICD) in its latest notification No.139/2016-Customs (N.T.) dated 25th November, 2016. Jharsuguda is the second ICD in Odisha after Balasore. CONCOR Jharsuguda was operational as a Domestic Container Terminal for the first 3-4 months and later converted as an ICD. This terminal will provide dedicated service to the industry along with customs clearance and cargo consolidation facilities. In recent times Jharsuguda district has witnessed large scale industrialisation due to the ambitious plans of Chief Minister Naveen Patnaik. One such proposal was the setting up ...
CBEC notifies to set up CCFC for Land Customs Stations, ICDs
The Dollar Business Bureau For expeditious clearance and identifying and resolving bottlenecks of imported and export goods, the Central Board of Excise and Customs (CBEC)via circular no.-44/2016-CUSTOMS Dated 22nd September, 2016 has notified to set up Customs Clearance Facilitation Committee (CCFC) for Land Customs Stations and Inland Container Depots (ICDs) at Amritsar, Patna, Kolkata and Shillong. “With a view to have similar administrative arrangements for facilitation of trade in the Land Customs Stations, CCFCs shall be set up in the Commissionerates of Amritsar; Kolkata, Patna, and Shillong, having jurisdiction over the various Land Customs Stations,” the CBEC said in a notification released on Thursday. “The CCFCs shall also be set up in the Commissionerates having jurisdiction over the ICDs,” it added. The notification stated that the ...
GST positive for port logistics, paints, adhesive firms: ICRA
The Dollar Business Bureau The introduction of the goods and services tax (GST) is a critical and long-awaited tax reform, which intends to simplify and rationalise India's indirect tax regime. There is some uncertainty as to whether the GST can be implemented on a pan-India basis from April 1, 2017. Several key variables are yet to be finalised, which are likely to affect the impact of the GST on ease of doing business. According to ICRA’s Senior Vice President and co-head of Corporate Sector ratings, K Ravichandran, implementation of GST will be positive for some of the port logistics players such as CONCOR, Gateway Distriparks and All cargo Logistics as GST will lead to a realignment of warehousing and supply chain requirements ...
EXIM Bank signs $100 million deal with ICD
The Dollar Business Bureau The Export-Import Bank of India (EXIM) and the Islamic Corporation for the Development of the Private Sector (ICD) signed an agreement to boost bilateral trade and investment between India and the members of Islamic Development Bank. A $100 million line of credit was announced to facilitate export of goods and services from India to ICD’s member countries. Tarun Sharma, Regional Head of EXIM Bank of India and Khaled Al Aboodi, the Chief Executive Officer and General Manager of the Islamic Corporation for the Development of the Private Sector signed the MoU in Jeddah. “Since its inception, EXIM Bank has been both a catalyst and a key player in the promotion of cross-border trade and investment,” ...
CONCOR starts new weekly train between Krishnapatnam Port and ICD Whitefield
Sisir Pradhan | The Dollar Business Container Corporation of India (CONCOR) has started a new train weekly service between Krishnapatnam Port Container Terminal (KPCT) and Inland Container Depot (ICD) at Whitefield in Bengaluru. The new freight train service started its maiden run on June 19, 2015 with a full load of import laden containers belonging to traders in Bengaluru city region. Given the fact that due to bad road connectivity and limited rail service to Mangalore Port, majority of importers and exporters in the region prefer other ports like Chennai, Kochi, Krishnapatnam and even Tuticorin. The new weekly rail service will help more efficient and faster transit of containers between the ICD and the port. Due to the new service traders ...
Doling out infrastructure role to States is justnotenough!
Satyapal Menon | The Dollar Business Sanathnagar ICD (Left) & Tughlakabad ICD (Right) - ICDs are a minimum requirement for landlocked States. With the Centre rather assiduously protecting its domination over Foreign Trade and adapting a ‘touch me not” attitude, States have been reduced to a status of mere spectators with little or no role in matters related to exports from their own soil. Though belated and overdue, the Centre has now woken up from its longer-than-Winklean slumber to the fact that States’ involvement is crucial to boost the prospects of exports. Some changes are now perceptible with the Central Government seeking a more proactive role from the States to create infrastructure projects for facilitating exports. Many States, inspired by this ...
