The customs department has put in place a simplified regulatory framework for e-commerce exports of jewellery through courier mode, the finance ministry said on Thursday.
The framework keeps in view the need for uniformity of action by customs that brings certainty for the trade. It also addresses a unique requirement of the e-commerce ecosystem for re-import of rejects in certain cases to the prescribed extent, it said.
The simplified regulatory framework for e-commerce exports of jewellery through courier mode has been issued on June 30 by the Central Board of Indirect Taxes and Customs (CBIC) in the form of a Standard Operating Procedure (SOP).
See Zee Business Live TV Streaming Below:
The SOP details the handling, movement and procedural aspects for such exports based on electronic declarations through international courier terminals.
The implementation of simplified framework was announced by Union finance minister Nirmala Sitharaman in this year’s Budget speech. Following this, the CBIC held wide-ranging consultations with stakeholders such as industry associations, members of the trade, e-commerce operators, authorised couriers and the customs field formations, before finalising the SOP.
A period of one month has been provided for transition. The first phase begins with exports through Bengaluru, Delhi and Mumbai locations, the ministry said.