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ARTICLE · 05 JANUARY 2018

The Customs (Furnishing Of Information) Rules, 2017 Released

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Further, such information has to be verified and signed by a person authorized by a Banking Company.

IndiaFinance and Banking
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 The Ministry of Finance, via notification no. 114/2017 – Customs (N.T.)1, dated December 14, 2017, has released the Customs (Furnishing of Information) Rules, 2017. These rules shall come into force from January 1, 2018.

Earlier this year, the Cabinet approved amendment in the Customs and Excise Act for insertion of Sections 108A and 108B in the Customs Act, 1962, which sought to provide for furnishing of information relating to import/export of goods by specified persons to enable analysis and detection of cases of under/over-valuation in imports and exports.2

As per the new Customs (Furnishing of Information) Rules, the information required to be furnished under sub-section (1) of section 108A of the Customs Act, 1962, shall be furnished electronically by a Banking Company3 in respect of details of foreign exchange transactions made or received by any person on outward remittance recorded or received by him to the Directorate of Revenue Intelligence. Further,

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