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TMI BlogAMENDMENTS IN THE CUSTOMS ACT 1962X X X X Extracts X X X X X X X X Extracts X X X X ..... Bill, 2020 will come into effect on the date of its enactment, unless otherwise specified. S. No. Amendment Clause of the Finance Bill, 2020 1. Clause (f) of the section 11 (2) empowers the Central Government, for prevention of injury to the economy of the country by the uncontrolled import or export of gold or silver, to prohibit their import or export. This clause is being amended to includ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Pending verification preferential tariff treatment shall be suspended and goods shall be cleared only on furnishing security equal to differential duty. in certain cases, the preferential tariff treatment may be denied without further verification. [108] 4. A new section 51B is being inserted so as to provide for creation of an Electronic Duty Credit Ledger in the customs system. This will e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns, restriction and other issue to carry out the purposes of newly inserted Chapter VAA.
[112]
7.
Section 157 (2) is being amended to empower the Central Government to make regulations for the purpose of prescribing the manner, procedures, conditions, restriction and other issues to carry out the purposes of newly inserted section 51B.
[113]
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Budget 2020-21 + FINANCE BILL, 2020 X X X X Extracts X X X X X X X X Extracts X X X X
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