Financial Daily from THE HINDU group of publications
Monday, Oct 11, 2004
Financial Daily from THE HINDU group of publications Monday, Oct 11, 2004 |
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Shipping Industry & Economy - Exports & Imports Government - Financial Policy Logistics - Shipping Shipping lines exempt from bank guarantees K. R. Srivats
New Delhi , Oct. 10 THE Finance Ministry has exempted `shipping lines' from furnishing a bank guarantee for transhipment of export and import cargo from any of the gateway ports to feeder ports/inland container depots (ICDs)/container freight stations (CFS) and vice-versa by road. This exemption will, however, be available only for those shipping lines that handle more than 5,000 twenty-foot equivalent units (TEUs) as import containers in a financial year. The latest decision of the Central Board of Excise and Customs (CBEC) comes in the wake of representations made by trade that "shipping lines," which are handling more than 5,000 TEUs (import containers) in a financial year and are involved in transhipment of import cargo from any gateway port to feeder ports, ICDs and CFSs, should be exempted from furnishing bank guarantees. A circular issued by the Revenue Department said that the Commerce and Industry Ministry has also recommended that an exemption from furnishing a bank guarantee be granted for such shipping lines.
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