April 2024 Customs & FTP Updates: Key Policy Changes Every Indian Importer and Exporter Should Know
Staying compliant with evolving customs regulations and foreign trade policies is essential for businesses engaged in cross-border trade. In its latest April 2024 update, CNK & Associates LLP highlights critical changes and procedural developments in India’s Customs and Foreign Trade Policy (FTP)—impacting import-export operations across sectors.
The update introduces the Export Promotion Monitoring & Analysis System (X-MAS), a digital platform designed to streamline license documentation for Advance Authorisation (AA) and Export Promotion Capital Goods (EPCG) schemes. It also covers pivotal amendments related to the movement of used IT assets from SEZ to DTA, clarifications on restricted imports of IT hardware, and fresh guidance on merchanting trade and mandatory Quality Control Orders (QCOs).
Key highlights include:
- Launch of X-MAS software for real-time license tracking and document uploads.
- New policy norms for relocating used IT equipment from SEZs to DTAs.
- Clarified restrictions on importing laptops, tablets, and certain computing hardware.
- Streamlined input-output norms (SION) processes to enhance ease of doing business.
This round of updates is particularly relevant for exporters, importers, customs consultants, and supply chain professionals navigating India’s regulatory landscape.
