MANU/CUSN/0012/2022

Ministry : Ministry of Finance

Department/Board : Central Board of Indirect Taxes and Customs

Notification No. : 11/2022-Customs (N.T.)

Date : 22.02.2022

Shipping Bill (Post export conversion in relation to instrument based scheme) Regulations, 2022

G.S.R.146(E).--In exercise of the powers conferred by section 157 read with section 149 of the Customs Act, 1962 (52 of 1962), the Board, hereby makes the following regulations, namely:-

1. Short title and commencement.--

(1) These regulations may be called the Shipping Bill (Post export conversion in relation to instrument based scheme) Regulations, 2022.

(2) They shall come into force on the date of their publication in the Official Gazette.

(3) These regulations shall apply to shipping bills or bills of export filed on or after the date of publication of these regulations in the Official Gazette.

2. Definitions.--

(1) In these regulations, unless the context otherwise requires, -

(a) "Act" means the Customs Act, 1962 (52 of 1962);

(b) "Conversion" means amendment of the declaration made in the shipping bill or bill of export to any other one or more instrument based scheme, after the export goods have been exported.

(c) "Instrument based scheme" means a scheme involving utilization of instrument referred to in explanation 1 to sub-section (1) of section 28AAA of the Act.