SPE16055 - General relief conditions: provisions for common storage of goods
Where there is a proven commercial need, traders may apply to their Supervising office for authority to store Authorised Use goods together with non Authorised Use goods of the same kind. Equivalence may be approved only if the goods are of the same commercial quality, the same technical characteristics and fall within the same Tariff Sub-Heading (that is, the same first 8 digits of the Commodity Code).
If you are satisfied that there is a need for such an arrangement and no control difficulties are likely to arise, the application may be approved.
The Indian Finance Act, 2020 incorporated many changes in the customs law and procedures, including administration of Rules of Origin under Trade Agreements. A new Chapter VAA has been incorporated in the Customs Act, 1962 to provide for enabling provision for administering the preferential tariff treatment regime under various trade agreements, including FTAs, etc.
As per WTO s statistics, there are 305 regional trade agreements in force as on date. India has entered into 15 free trade agreements, and one unilateral DFTP (Duty Free Tariff Preference) Scheme.
Each FTA contains a set of rules of origin, which prescribes the criteria that must be fulfilled for goods to attain originating status in the exporting country. Such criteria are generally based on factors such as domestic value addition and substantial transformation in the course of manufacturing/processing. For instance, the originating criteria finalised under a trade agreement could be domestic value addition of minimu