Yahoo Finance Centre provides relief to exporters facing global container shortage
New Delhi [India], September 25 (ANI): As a relief to exporters facing global container shortage, the Centre on Friday issued a notice saying that Assistant Commissioner may grant an extension beyond six months on sufficient cause being shown, which can further be extended up to three more months.
The notification has been issued in view of improving the efficiency in the movement; once stuffed, these containers would be moved on priority to the port to find a vessel at the earliest for a better turnaround time.
"...issued in connection with exemption to containers of durable nature...this notification inter-alia specifies that in any particular case, the initial period of re-exporting said type of containers imported within 6 months can be extended by the Assistant Commissioner on sufficient cause being shown," Central Board of Indirect Taxes and Customs notice read.
"The Assistant Commissioner may grant an extension beyond 6 months up to further 3 months for the reasons to be recorded in writing," it added.
Further, it was informed that the provision of the circular may also be applied on receiving intimation before the expiry of the initial period of six months from the importer concerned that the container shall be re-exported in laden condition within the next three months. (ANI)
