Customs Sign MoU with CBIC Allowing Exchange of Pre-arrival Data of Cargo

Central Board of Indirect Taxes and Customs and Maldives Customs Service has signed a Memorandum of Understanding that allows both parties to exchange pre-arrival cargo data.  
 
A special ceremony took place in in the Customs building for the signing. Commissioner General of Customs, Abdulla Shareef signed the MoU on behalf of Maldives Customs Service with CEO of C.B.I.C. Shri M. Ajith Kumar signed from the company. Members of the senior management of Customs participated in the ceremony alongside key personnel from C.B.I.C. and the High Commission of India in the Maldives. 
 
The understanding will play a key role in facilitating the ‘transaction value’ of the exports between the two nations on an immediate basis. The standard system will be utilized in identifying commercial fraud by informing customs on the real value of the good being exported therefore, identifying the closest estimated values for the duty. Because of the real-time information passage, the duration for customs clearance will be cut down significantly as well.  
 
Customs states that with such systems in place, businesses and supply chains can ensure their security further and provide more convenience in the export sector.