Ministry of Finance

Posted On: 01 FEB 2019 1:23PM by PIB Delhi

The Government has undertaken rationalization of customs duties and procedures to promote the “Make in India” initiative.

While presenting the Interim Budget 2019-20 in Parliament today, the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal said, “The Government has abolished duties on 36 capital goods. A revised system of importing duty-free capital goods and inputs for manufacture and export has been introduced, along with introduction of single point of approval under Section 65 of the Customs Act.

Indian Customs is introducing full and comprehensive digitalization of export/import transactions and leveraging RFID technology to improve export logistics, the Minister added.

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GG/DSM/RM/NK

Rationalization of customs duty to promote Make in India expands duty-free imports and digitalizes export-import logistics. Rationalization of customs duties and procedures promotes Make in India by abolishing duties on specified capital goods and introducing a revised duty-free import mechanism for capital goods and inputs for manufacture and export, together with a single point approval mechanism; Indian Customs will fully digitalise export-import transactions and deploy RFID technology to improve export logistics.