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  1. KYC norms relaxed for import of gifts through courier

KYC norms relaxed for import of gifts through courier

Customs department has relaxed Know Your Customer (KYC) norms for import of gifts and samples valuing up to Rs 50,000 through courier.

By: | New Delhi | Published: April 27, 2016 9:12 PM
Individuals often find it difficult to produce present current proof of address. After looking into the issue, the Central Board of Excise and Customs (CBEC) relaxed the KYC norms. (Reuters) Individuals often find it difficult to produce present current proof of address. After looking into the issue, the Central Board of Excise and Customs (CBEC) relaxed the KYC norms. (Reuters)

Customs department has relaxed Know Your Customer (KYC) norms for import of gifts and samples valuing up to Rs 50,000 through courier.

The Express Industry Council of India had approached the CBEC highlighting problems being faced particularly in case of imported consignments meant for an individual, where two documents, one for proof of identity and other for address, are required for KYC verification.

Many a time, individuals possess proof of identity in the form of prescribed documents but the address mentioned in the document is not the address where the individual is staying.

Individuals often find it difficult to produce present current proof of address. After looking into the issue, the Central Board of Excise and Customs (CBEC) relaxed the KYC norms.

“…in cases where the proof of present address is not available with the individual, the proof of identity collected at the time of delivery along with the address recorded for the delivery purpose by the courier companies would suffice for KYC verification,” it said in a circular.

In such cases, the courier company would keep a record of the address where the goods are delivered and the same would be treated as proof of address of the individual.

“The above dispensation for proof of address would be available only in respect of individuals for import of documents, gifts/samples/low value dutiable consignments upto the maximum CIF value limit of Rs 50,000,” the CBEC said.

CIF stands for Cost Insurance Freight.

It further asked courier companies to show due diligence in maintaining the records of proof of address.
Earlier in December 2015 also, CBEC had relaxed KYC norms which courier companies were required to fulfill.

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