Central Board of Indirect Taxes and Customs (CBIC) has launched a revamped programme to attract investments into India.
- Under the revamped scheme, the government has streamlined the existing provisions for manufacturing goods in a custom bonded warehouse under the bond scheme, of Customs Act, 1962.
- Now importers can import both input material and capital goods and carry out manufacturing activity at the Customs bonded warehouse.
- The manufactured goods will be free from payment of any kind of duty or interest if they are exported.
- It will improve the liquidity of the companies, make Indian export price competitive in the international market, promote investments in India and enhance ease of doing business.
- CBIC has launched a dedicated microsite https://www.investindia.gov.in/bonded-manufacturing in collaboration with Invest India to provide information about the scheme.
- Section 65 of the Customs Act, 1962 allows manufacturing activity in a customs bonded warehouse.