MM TAX CLUB

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, 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, Ministry of Finance (Department of Revenue) No. 22/2022-Customs,dated the 30th April, 2022,published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 328 (E), dated the 30th April, 2022, namely:-In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, 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, Ministry of Finance (Department of Revenue) No. 22/2022-Customs,dated the 30th April, 2022,published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), vide number G.S.R. 328 (E), dated the 30th April, 2022, namely:-

The amendment, made under the authority of section 25(1) of the Customs Act, 1962, introduces changes to the conditions outlined in the original notification. Notably, Condition No. 2 and its corresponding entries in the Annexure are being replaced. The new conditions now specify that the Importer-Exporter Code (IEC) mentioned in the TRQ authorization must belong to nominated agencies notified by the Reserve Bank of India (RBI) for banks, Directorate General of Foreign Trade (DGFT) for other agencies, qualified jewelers notified by the International Financial Services Centres Authority (IFSCA) through India International Bullion Exchange (IIBX), or valid India UAE TRQ Holders notified by IFSCA through IIBX. Additionally, these importers must follow the prescribed procedures in the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022, unless the importer and TRQ holder are the same entity.

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