India says foreign goods can overstay

Listen to this article in summarized format Listen Loading... × × Subscribe to Unlock AI Briefing and Premium Content New Year Offer 24 Hours Left Subscribe Now Already a member? Sign In What's Included Exclusive Stories Daily ePaper Access Smart Market Tools Curated Investment Ideas Ad-lite Experience Subscription iStock The Central Board of Indirect Taxes and Customs ( CBIC ) introduced greater flexibility for foreign businesses and organisations on Friday, bringing goods into India temporarily by allowing senior customs officials to extend the existing four-month stay limit under the ATA Carnet system. The move will benefit foreign exhibitors, businesses, media organisations and other international participants who need to bring equipment, commercial samples or professional goods into India for a limited period. Until now, such goods were generally required to be re-exported within four months of their import. Under the revised provision, Principal Chief Commissioners of Customs and Chief Commissioners of Customs can approve an extension beyond the four months if they consider it necessary in the public interest. However, the extended period cannot go beyond the validity of the respective ATA Carnet. "Provided also that where the Principal Chief Commissioner of Customs or the Chief Commissioner of Customs, as the case may be, is satisfied that it is necessary in the public interest so to do, may extend the aforesaid period of four months by such further period as it may deem fit, not exceeding the period of validity of the A.T.A. Carnet," said a memo from the Department of Revenue . Live Events What changes under the revised ATA Carnet rules? The amendment gives senior customs officials the authority to grant additional time for temporarily imported goods to remain in India. Previously, the four-month limit applied under the relevant customs notification, leaving limited room for businesses and organisations that needed more time before sending their goods back. With the latest change, the Principal Chief Commissioner or Chief Commissioner of Customs can assess individual cases and allow an extension where circumstances justify it. The additional time will depend on the official's assessment, but there is one important restriction: the extension must remain within the validity period of the ATA Carnet. This means the new provision does not allow goods to stay in India indefinitely. The amendment has been made to Notification No. 4/2018-Customs, dated January 18, 2018, by inserting an additional proviso under condition (vi). What is the ATA Carnet system and how does it work? An ATA Carnet is an international customs document that allows goods to enter a country temporarily without the importer having to pay customs duties at the time of import, subject to compliance with the applicable conditions. Often described as a passport for goods, the document simplifies customs procedures for businesses and individuals transporting professional equipment, commercial samples and exhibition materials across international borders. The system is particularly useful for companies participating in overseas trade fairs, exhibitions and business events. It also helps media organisations and professionals who need to carry specialised equipment across countries for temporary assignments. However, the duty-free facility comes with an important condition: the goods must be re-exported within the permitted period. Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel ) Read More News on CBIC ATA Carnet customs regulations foreign goods temporary import customs officials goods extension Principal Chief Commissioners of Customs Department of Revenue (You can now subscribe to our Economic Times WhatsApp channel ) Read More News on CBIC ATA Carnet customs regulations foreign goods temporary import customs officials goods extension Principal Chief Commissioners of Customs Department of Revenue Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Is CoreWeave's movement signalling a return of the AI trade? How India’s INR22.5 lakh crore gold loan boom is hiding a big hole KYC and KYB: Pidilite's margin keeps finding its way back, though costlier raw materials can knock it off course – Part 2 of 3 Business of Odd Things: The farm that needs no land, freshwater, or fertiliser KYC and KYB: Inside Pidilite, the company that turned Fevicol into a word for a strong bond – Part 1 of 3 Seoul halts trading, Nifty has its best week since 2021: Money leaving the AI trade – will it land in India? 1 2 3 View all Stories