Navigating India’s Latest Customs and Foreign Trade Policy Updates – January 2024 Edition
India’s trade ecosystem is undergoing a digital transformation, with significant updates to customs regulations and the Foreign Trade Policy (FTP) that promise to streamline processes and improve ease of doing business. The January 2024 edition of CNK & Associates LLP’s Quarterly Insights highlights key regulatory shifts, including the inclusion of “actionable claims” under the Customs Tariff Act, the automated issuance of Status Holder Certificates (e-SHC), and the pilot launch of a revamped Electronic Bank Realization Certificate (eBRC) system.
These changes are particularly relevant for exporters, importers, and customs professionals aiming to stay compliant and competitive in the evolving trade landscape. Automation and digitization continue to play a central role, cutting red tape and reducing transaction costs.
Key highlights include:
- Amendment to Chapter 98 of the Customs Tariff Act, 1975, now covering actionable claims such as betting and online gaming.
- Introduction of system-based e-SHCs using export data, eliminating manual applications.
- Discontinuation of physical Restricted Import Authorisations for EDI ports.
- Pilot rollout of the self-certifiable eBRC system for faster remittance reconciliation.
