Verification of Identity and Compliance Regulations 2021
Under Section 99B of the Customs Act - 1962
A few more words about this Video
In this video Mr. Samir J Shah, the Chief Mentor and Director of JBS Academy Private Limited, has briefly explain about The Central Board of Indirect Taxes and Customs (CBIC) has notified Verification of Identity and Compliance Regulations, 2021, (Under Section 99B of the Customs Act 1962) which shall be applicable to Importers, Exporters and Custom Brokers newly engaged in Import or Export activity.
These do not replace any other regulations and are new standalone regulations. They do not provide any relief to Customs Brokers but include them in verification. These are targeting compliance; safety and security.These will not apply to Central Government, State Governments, and Public Sector undertakings.
With these regulations, the government has made it mandatory for new Importer, Exporter and Customs Broker to verify their identity, including incorporation document, PAN, Aadhaar as well as physical verification of place of business. The Commissioner of Customs may impose a penalty not exceeding fifty thousand rupees on a person who contravenes any provision of these regulations or who fails to comply with any provision of these regulations.
Stay tuned till the end so that you have a comprehensive and all-round understanding of the topic at hand.
Please feel free to contact us for query or do reach out to us with suggestions if any.