{"id":220872,"date":"2019-10-15T15:30:11","date_gmt":"2019-10-15T10:00:11","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=220872"},"modified":"2019-10-15T14:43:50","modified_gmt":"2019-10-15T09:13:50","slug":"cbic-and-customs-launch-scheme-to-attract-investments-and-strengthen-make-in-india","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/10\/15\/cbic-and-customs-launch-scheme-to-attract-investments-and-strengthen-make-in-india\/","title":{"rendered":"CBIC and Customs launch scheme to attract investments and strengthen Make in India"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong><span style=\"color: #0000ff;\">Central Board of Indirect Taxes and Customs has launched a revamped and streamlined programme to attract investments into India and strengthen\u00a0<em>Make in India\u00a0<\/em>through manufacture and other operations under the bond scheme, under Customs Act, 1962.<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">Section 65 of the Customs Act, 1962 enables the conduct of manufacture and other operations in a customs bonded warehouse.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The scheme has been modernized with clear and transparent procedures, simplified compliance requirements ICT-based documentation and account keeping, by the issue of Manufacture and Other Operations in Warehouse (No. 2) Regulations, 2019 and Circular 34\/2019 both dated 01 October 2019.<\/p>\n<p style=\"text-align: justify;\">The main features of the scheme are as below &#8211;<\/p>\n<ol style=\"text-align: justify;\">\n<li>A single application cum approval form prescribed for uniformity of practice. The jurisdictional Commissioner of Customs will function as a single point of approval to set up and oversee the operations of such units.<\/li>\n<li>No geographical limitation on where such units can be set up.<\/li>\n<li>The unit can import goods (both inputs and capital goods) under a customs duty deferment program. The duties are fully remitted if the processed goods are exported.<\/li>\n<li>There will be no interest liability and units will benefit through improved liquidity.<\/li>\n<li>GST compliant goods can be procured from the domestic market for use in the manufacture and other operations in a section 65 unit.<\/li>\n<li>A single digital account has been prescribed for ease of doing business and easy compliance.<\/li>\n<li>\u00a0The scheme would also enable efficient capacity utilization, as there is no limit on the quantum of clearances that can be exported or cleared to the domestic market.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">CBIC has collaborated with\u00a0<em>Invest India\u00a0<\/em>to launch a dedicated microsite for providing information and promoting the scheme and for the facilitation of investors. The site can be accessed at <a href=\"https:\/\/www.investindia.gov.in\/bonded-manufacturing\">https:\/\/www.investindia.gov.in\/bonded-manufacturing<\/a><\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The scheme is expected to play a critical role in promoting investments in India and in enhancing ease of doing business. It can enable the \u2018Make in India\u2019 programme, encourage exports, create hubs for electronics assembly, repair &amp; refurbishment operations, inward and outward processing, facilitate global e-commerce hubs, etc.<\/p>\n<hr \/>\n<p><strong>[Press Release dt. 15-10-2019]<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>Ministry of Finance<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Central Board of Indirect Taxes and Customs has launched a revamped and streamlined programme to attract investments into India and strengthen\u00a0Make in 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