Daily Current Affairs 2021 Cabinet Approves Signing Pact With UK For Info Sharing, Prevent Customs Offences | Daily Current Affairs 2021

Cabinet Approves Signing Pact With UK For Info Sharing, Prevent Customs Offences

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The Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the signing and ratification of an Agreement between the Government of Republic of India and the Government of the United Kingdom of Great Britain and Northern Ireland on Customs Cooperation and Mutual Administrative Assistance in Customs Matters.

Key Points:

  • The Cabinet on 28 April 2021 approved the signing of an agreement between India and the UK for sharing information and prevent Customs offences.
  • The agreement seeks to help in the availability of relevant information for the prevention and investigation of Customs offences.
  • It is also expected to facilitate trade and ensure efficient clearance of goods traded between the countries.
  • The agreement will provide a legal framework for sharing of information and intelligence between the Customs authorities of the two countries.
  • It will help in the proper application of Customs laws, prevention and investigation of Customs offences and the facilitation of legitimate trade.
  • The draft text of the proposed agreement has been finalized with the concurrence of the two Customs Administrations.
  • The Agreement takes care of Indian Customs, concerns and requirements, particularly in the area of exchange of information on the correctness of the Customs value, tariff classification and origin of the goods traded between the two countries.

Source: Outlook

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