The Commerce Ministry has introduced a simplified, self-declaration-based procedure to speed up the issuance of import authorisations for certain silver items, aiming to reduce processing time for genuine applicants.
Imports of silver items are in a restricted category, under which a licence, authorisation, or permission is required from the government.
“To facilitate trade and improve ease of doing business, a simplified procedure is being introduced for expedited issuance of import authorisations, based on self-declaration and trust, for import of silver items...excluding silver dore, with a view to reducing processing time for genuine applicants,” the Directorate General of Foreign Trade (DGFT) said in a trade notice.
It said that applications accompanied by a self-declaration that the proposed imports would be made on payment of customs duty at the generally applicable rate, without availing concessions, may be considered for expedited disposal under this procedure.
It said that applications accompanied by a self-declaration that the proposed imports shall be made on payment of customs duty at the generally applicable rate, without availing concessions, may be considered for expedited disposal under this procedure.
Applications not covered under this category would be subject to detailed scrutiny and examination on merits in accordance with the applicable policy provisions, it added.