On January 06, 2021, the Union Cabinet has approved the signing of Agreement between India and Spain on Cooperation and Mutual Assistance in Customs Matters.
The Agreement would provide a legal framework for sharing of information between the Customs authorities of the two countries and help in the proper administering of Customs laws and detection and investigation of Customs offences and the facilitation of legitimate trade.
Key Points:
- The correct assessment of customs duties, especially information pertaining to the determination of the customs value, tariff classification and the origin of the goods traded between the two countries;
- The authenticity of any document produced in support of a declaration (such as certificate of origin, invoices etc.) made to the requesting authority;
- Customs offence concerning illicit movement of the following:
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- Arms, ammunition, explosives and explosive devices;
- Works of art and antiques, which are of significant historical, cultural of archaeological value;
- Toxic materials and other substances dangerous to the environment and public health;
- Goods subject to substantial customs duties or taxes;
- New means and methods employed for committing Customs offences against Customs legislation.