Q&A – Conventus Law Talks With Economic Laws Practice About FDI In India. Part 2

16 November, 2021

1 – With India introducing a new set of rules for importers – the Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR, 2020). the legal framework for imports by claiming preferential duty benefits as per Free Trade Agreements has undergone a complete overhaul. Against this backdrop, what are the safeguard & precautionary measures which importers (who claim such benefits) should adopt?

With the new CAROTAR rules coming into play it would be prudent for importers to:

• Possess information, as specified in Form I, and submit the same to the proper officer on request;
• Keep all supporting documents related to Form I for at least five years from date of filing of bill of entry and submit the same to the proper officer on request;
• Exercise reasonable care to ensure the accuracy and veracity of the given information and documents;
• Verification visits at vendors location outside India or requesting for additional information as per the Rules of Origin are also recommended.

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