Government has notified Deferred Payment of Import Duty Rules, 2016 effective from 16.11.2016 (read with Circular No. 33/2016 dated 22.07.2016 ) to extend various benefits to the Importers and Exporters which inter-alia includes the benefit of deferred payment of duty
Apart from the above benefit, the Importers/Exporters would also be eligible for additional benefits mentioned as under:
(i) High Level of facilitation in Imports resulting in short cargo release time
(ii) Inclusion of Direct Port Delivery of imports to ensure just-in-time inventory management by manufacturers clearance from wharf to warehouse
(iii) Wherever, Bank Guarantee is required to be furnished, the quantum of BG would be reduced to 50% and 25% respectively for AEO T1 and AEO T2 Certificate Holders
(iv) AEO status holders eligible to seek advance authorisation on self-declaration and ratification basis for manufacture of export products where Standard Input Output Norms or Adhoc norms are not notified or the exporter seeks to use additional inputs in the manufacturing process.
(v) Various procedural facilities viz. email notifications, Identity Cards for authorized personals for entry in customs, 24/7 clearance without MOT fees etc.
(vi) Faster assessment of selected B.E.s on priority by Custom Officers
(vii) Facility to paste MRP stickers in the factory premises
(vii) Extension of facilitation to exports in addition to imports
(ix) Faster disbursal of drawback amount (within 72 Hours of submission of EGM)
(x) Fast tracking of refunds and adjudications (within 45 Days)
(xi) Request based on-site inspection /examination
(xii) Paperless declarations with no supporting documents
(xiii) Completion of Investigations, if any, in 6-9 Months