Section 143AA Customs Act Empowers Board to Streamline Trade Processes, Enhance Efficiency, and Reduce Transaction Costs.

Section 143AA of the Customs Act, introduced by the Finance Act, 2018, empowers the Board to implement measures or prescribe distinct procedures to facilitate trade. This authority allows for the creation of specific processes for different classes of importers or exporters, categories of goods, or modes of transport. The objectives include maintaining transparency in documentation, expediting the clearance or release of goods, reducing transaction costs, and balancing customs control with the facilitation of legitimate trade. This provision aims to streamline processes and enhance efficiency in trade operations.

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