Nov 09, 2024 CBIC reduces compliance burden for customs cargo service providers The CBIC on Friday said it has reduced compliance burden for customs cargo service providers (CCSPs) by reducing number of days for insurance of stored goods and removing licence renewal process for AEO-compliant entities. In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said these measures aim to reduce operational costs and compliance burdens for CCSPs, that play a crucial role in handling of imported and exported goods. It would also improve efficiency of EXIM operations and facilitate global trade. The CBIC has notified reduction in the number of days for insurance of stored goods by amending the Customs Areas Regulations, 2009, which require CCSPs to insure goods stored in Customs areas for a period of 10 days in terms of Handling of Cargo. It has been notified to reduce it to 5 days as a trade facilitation measure. "This will enhance the cash flow for the entities by reducing the cost," the statement said.