What is Chapter 99B? | Custom Act 1962 | Mr. Samir J Shah
A few more words about this Video
Section 99B was introduced in 2019 through the Budget. It deals with verification of identity of Compliance (of a person) by an Authorized Officer, who is appointed by either the Principal Commissioner of Customs or the Commissioner of Customs. For the purpose of this section, Person includes, but is not limited to, the following: 1. Individual/s 2. Proprietorship 3. Partnership, 4. Any Private limited or Public Limited 5. Or an LLP Why this section is important and why identity of Compliance is necessary? What happens if this Compliance is not met? Watch this video to find out.
In this video Mr. Samir J Shah, the Chief Mentor and Director of JBS Academy Private Limited, has briefly explained the crux of Section 99B, Chapter XII of the Customs Act 1962. It is the statute governing Entry and Exit of Vessels, Artifacts, Goods, Passengers etc. across categories. This Act aims at conserving FOREX, protecting the Indian industry from undue competition and achieving the Import/Export objectives of the Government of India. It is a tax law, not only controlling the Levy and collection of Duties, but also regulates Imports and Exports, prevents smuggling and aims at augmentation of Foreign Exchange. This Act came into force on 1st day of January, 1963 and is spread across 15 chapters.