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.

Cargo Talk - - Warehousing -

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.”

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