MM TAX CLUB

In order to foster innovation and inclusivity within the NPS architecture, particularly through its engagement of fintech entities as Point of Presence (PoP) thus, enhancing accessibility and convenience, Shri Deepak Mohanty, Chairperson, Pension Fund Regulatory and Development Authority (PFRDA), inaugurated Zerodha Broking Limited's NPS web-app, in New Delhi, today. The app offers seamless access of NPS to a wider subscriber base.

Shri Mohanty said that there is merit in joining NPS at a young age to harness the benefit of compounding. NPS provides continuity to retirement saving account irrespective of one’s employment status and is available for non-resident Indians (NRIs). As youngsters are tech savvy, the facilitation by Zerodha Broking Limited would expand access to NPS. 

In  exercise  of the  powers  conferred  by  sub-section  (1)  of  section  25  of  the  Customs Act,  1962  (52  of  1962)  and  sub-section  (12)  of  section  3  of  the  Customs  Tariff  Act,  1975  (51  of  1975),  the Central  Government,  on  being  satisfied  that  it  is  necessary  in  the  public  interest  so  to  do,  hereby  makes  the following  further  amendments  in  the  notification  of  the  Government  of  India  in  the  Ministry  of  Finance (Department  of  Revenue),  No.  50/2017-Customs,  dated  the  30thJune,  2017,  published  in  the  Gazette  of  India, Extraordinary, Part II, Section 3, Sub-section (i), videnumber G.S.R. 785(E), dated the 30thJune, 2017, namely:-

In the said notification

1)in the Table, after S. No. 3AA and the entries relating thereto, the following S. No. and entries shall be inserted, namely: -

(2)in  the  Annexure,  after  condition  number  115  and  the  entries  relating  thereto,  the  following condition number and entries shall be inserted, namely: -

The DGFT vide Public Notice No. 46/2023 dated March 06, 2024 amended the timelines and procedures for registration of import of Yellow Peas (ITC (HS) Code 07131010) under the Import Monitoring System (YP-IMS) arriving at Indian Port after March 31, 2024.

In exercise of powers conferred under Paragraph 1.03 and 2.04 of the Foreign Trade Policy (FTP) 2023, as amended from time to time, and in reference to Notification 50/2023 dated December 08, 2023 and Notification 61/2023 dated February 23, 2024, the Director General of Foreign Trade hereby amends the procedures for registration of import consignments under Yellow Peas Import Monitoring System (YP-IMS) for import consignments which are to arrive at the Indian Port after March 31, 2024 as follows –

i. Para (b) of Public Notice 35/2023 dated December 13, 2023 shall not be applicable. In lieu of YP-IMS registration 5 days before the expected date of arrival of import consignment, the Importer shall undertake YP-IMS registration within 7 days from the date of Bill of Lading or 7 days from the date of this Public Notice, whichever is later.

ii. Bill of Lading (Shipped on Board) details shall be declared in the YP-IMS registration. Multiple Bills of Lading (Shipped on Board) details may be specified under a single YP-IMS registration.

iii. All copies of Bills of Lading(Shipped on Board) should be mandatorily uploaded during the registration process. The Importer may choose to mask the Exporter details on the said Bills of Lading copies.

Effect of this Public Notice: Timelines and procedures for registration of import of Yellow Peas (ITC (HS) Code 07131010) under the Import Monitoring System (YP-IMS) arriving at Indian Port after March 31, 2024 are amended.