On April 28, 2021, The Union Cabinet chaired by Prime Minister Narendra Modi approved the signing and ratification of an Agreement between India & the United Kingdom of Great Britain and Northern Island (commonly known as the UK or Britain) on Customs Cooperation and Mutual Administrative Assistance in Customs Matters.
- The pact will help in the availability of information for the prevention & investigation of Customs offences.
- It will facilitate trade and ensure seamless clearance of goods traded between the 2 countries.
- The pact will be signed on behalf of the Governments of the two countries after approval by respective Governments. It will enter into force from the first day of the month following signature.
Key Points
i.The Agreement provides a legal framework for sharing information & intelligence between India & the UK.
ii.The agreement addresses the concerns & requirements of Indian Customs in the area of
- Exchange of information on the correctness of the Customs value
- Tariff classification & origin of goods traded between the two countries.
iii.It aims to ensure proper application of Customs Laws, prevention and investigation of Customs offences and facilitate legitimate trade.
iv.The draft agreement has been finalized already by the Customs Administrations of the two countries.
Fact
In India, the Central Board of Indirect Taxes & Customs (CBIC) is responsible for the formulation & collections of Customs, Central Excise Duties.
- It comes under the Department of Revenue, Ministry of Finance.
Recent Related News:
i.On December 16, 2020, India and the UK agreed to set up a joint task force consisting of designated higher education organisations from both countries to work towards mutual recognition of academic qualifications over the next year.
About Central Board of Indirect Taxes & Customs (CBIC)
Chairman – M Ajit Kumar
Headquarters – New Delhi
About United Kingdom (UK)
Constituent Countries – England, Scotland, Wales and Northern Ireland
Prime Minister – Boris Johnson
Capital – London
Currency – Pound Sterling (GBP)
