Articles under Customs Terms

Explain Caribbean Basin Initiative (CBI)

Caribbean Basin Initiative (CBI) beneficiary countries   The trade programs known collectively as the Caribbean Basin Initiative (CBI) remain a vital element in the United States’ economic relations with its neighbour’s in Central America and the Caribbean. The CBI is intended to facilitate the economic development and export diversification of the Caribbean Basin economies. The Caribbean Basin Economic Recovery Act of 1983 (CBERA), provides duty free entry of textile go

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Customs terms CET means

What is Common External Tariff (CET) in customs   CET means the Common External Tariff and is an indistinguishable rate of tax forced on products imported from outside nations into Partner states. For Example, the European Common Market depends on the rule of a free inward exchange zone with a typical outside tax connected to items imported from non-part nations. Facilitated commerce territories don't really have regular outside taxes. The selection of the basic outside tax (CET)

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Customs provisional Assessment Regulations, 2018

Customs Regulations, 2018   Customs (Finalisation of Provisional Assessment) Regulations, 2018.   Notification No.73/2018-Customs(N.T.) dated 14 th August, 2018  G.S.R.—(E). – In exercise of the powers conferred by clause (d) of section 157 read with section 18 and clause (ii) of sub-section (2) of section 158 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following regulations, namely: &nb

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Customs term Container Yard(CY)

What do you mean by customs term Container Yard(CY)   The term Container Yard(CY) means the location designated by the Carrier in the port terminal area for receiving, assembling, holding, storing and delivering containers, and where containers may be picked up by shippers or re-delivered by consignees. Container Yard also called Marshalling yard. Container Yard shipment term the port at which the containers are getting delivered to, as well as the end destination of the containe

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What do you mean by the term Fraud, Customs?

Explain term Customs Fraud   Fraud, Customs  means any act which a man misleads, or endeavors to trick, the Customs and in this way avoids, or endeavors to sidestep, completely or somewhat, the installment of import or fare obligations and charges or the utilization of forbiddances or limitations set around the statutory or administrative arrangements authorized or regulated by the Customs organizations or acquires, or endeavors to get, any favourable position in opposition to

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