INSUBCONTINENT EXCLUSIVE:
Government has done away with periodic renewal of customs brokers' licencesThe essential requirement of periodic renewal of licences of
customs brokers and authorised carriers, has been removed by the Central Board of Indirect Taxes and Customs (CBIC)
This will help in cutting down the compliance burden on trade activities.The removal of periodical renewal of licences has become effective
from July 23, 2021 onwards."The CBIC has amended the Customs Brokers Licensing Regulations, 2018 and Sea Cargo Manifest and Transhipment
Regulations, 2018, to state that all such existing licenses or registration would have a lifetime validity," a statement issued by the board
said."The CBIC has with effect from July 23, 2021, abolished the requirement of periodic renewals of licence or registration issued to
applications and submit numerous documents to renew their licenses or registrations," the official statement said.The life-long validity of
licenses or registrations is expected to provide a major relief to the trade by reducing their compliance burden, official sources said.
