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What is the news?
Union Cabinet chaired by the Prime Minister has approved an Agreement between India and Spain on Cooperation and Mutual Assistance in Customs Matters.
What are the provisions of the agreement?
– The correct assessment of customs duties, especially information belonging 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 (like the certificate of origin, invoices etc.) made to the requesting authority.
–Customs offence concerning the illicit movement of the following:
1) Arms, ammunition, explosives and explosive devices. 2) Works of art and antiques, of significant historical, cultural or archaeological value. 3) Toxic materials and other substances dangerous to the environment and public health. 4) Goods subject to substantial customs duties or taxes. 5) New means and methods employed for committing Customs offences against Customs legislation.
What are the benefits of the agreement?
It would provide a legal framework for sharing of information between the Customs authorities of the two countries. This would help in the proper administering of Customs laws and detection and investigation of Customs offences and the facilitation of legitimate trade.
The Agreement will further help in making available, reliable, quick and cost-effective information and intelligence for the prevention and investigation of Customs offences and apprehending of Customs offenders.
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Source: This post is based on the article “Cabinet approves Agreement between India and Spain on Cooperation and Mutual Assistance in Customs Matters” published in the PIB on 6th January 2022.