The Central Board of Indirect Taxes and Customs ( CBIC ) has issued Notification No. 12/2024-Customs on February 21, 2024, bringing about important changes in customs duty regulations with effect from 22nd February 2024. This notification amends two previous notifications: Notification No. 55/2022-Customs dated October 31, 2022, and Notification No. 64/2023-Customs dated December 07, 2023.
One of the key amendments introduced by this notification is the removal of the end date on the export duty applicable to Parboiled Rice. Previously, the export duty on Parboiled Rice was subject to a specified end date, but with this recent amendment, that restriction has been lifted.
Additionally, the CBIC notification imposes specific conditions on the import of Yellow Peas. It is notified that the Bill of Lading of Yellow Peas shall be issued on or before 30th April 2024.
The amendments outlined in Notification No. 12/2024-Customs come into effect from February 22, 2024. Therefore, stakeholders engaged in the export of Parboiled Rice or the import of Yellow Peas are advised to take awareness of these changes and adjust the operations accordingly to ensure compliance with the updated customs duty regulations.
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