CBEC eases warehousing regulations

At a seminar in Mumbai, the Central Board of Excise & Customs (CBEC) talked about certain landmark changes in the warehousing regulations, bonding of cargo as well as SVB and Related Party Transactions.

The Brihanmumbai Custom House Agents Association (BCHAA) along with Anand Rathi Insurance Brokers and New India Assurance Co organised a knowledge series seminar in Mumbai that discussed the latest changes in the warehousing regulations, bonding of cargo as well as SVB and Related Party Transactions made by the Central Board of Excise & Customs (CBEC). The new regulations came into effect from August 13, 2016.

The seminar saw the presence of Sandeep Kumar, Commissioner, CBEC, who is the author of the reforms, along with G Srinivasan, CMD, New India Assurance Co and Supriya Rathi, Director, Anand Rathi Insurance Brokers, who presented the angle for fulfilling the insurance requirements under new warehousing regulation for Bonding of Cargo.

Ashish Pednekar, President, Brihanmumbai Custom House Agents Association, said, “It does not just look easy but the CBEC has actually made it easier. Our members have faced operational issues in the past specially since a lot of customer brokers are now getting into warehousing now in order to offer end-to-end service. The refund procedure is also set to become easier now.”

New India Assurance Co outlined the package it created for the new regulations which required a new set of insurance solutions. Sandeep Kumar, Commissioner, CBEC, gave an outline of the new regulations as well as answered questions from the trade. He said, “We have been following up on Europe and the US as far as security seals are concerned. We will put out a guidance note on seals to suit everyone’s needs but it will need to be temper-proof.”