AMENDMENTS TO THE CUSTOMS BROKERS LICENSING REGULATIONS
The Customs Brokers Licensing (Amendment) Regulations, 2021, were announced by the Central Board of Indirect Taxes and Customs in a notification dated July 23, 2021. The updated regulations establish a redesigned procedure and timing for surrendering, revoking, expiring, and renewing a license issued under the Customs House Agents Licensing Regulations, 1984, the Customs House Agents Licensing Regulations, 2004, the Customs Brokers Licensing Regulations, 2013 or the Customs Brokers Licensing Regulations, 2018.
Surrender of license: A licensee may surrender a license issued under the Customs House Agents Licensing Regulations, 1984, the Customs House Agents Licensing Regulations, 2004, the Customs Brokers Licensing Regulations, 2013 or the Customs Brokers Licensing Regulations, 2018 by submitting a written request to the Principal Commissioner of Customs or Commissioner of Customs who issued the license, as applicable.
Period of validity of a license: A license awarded under the Customs House Agents Licensing Regulations of 1984, the Customs House Agents Licensing Regulations of 2004, the Customs Brokers Licensing Regulations of 2013, or the Customs Brokers Licensing Regulations of 2018 is valid until it is canceled. If the licensee is proven to be inactive for a year, the license will be considered invalid.
Revocation of license: Upon receipt of the request, the Principal Commissioner of Customs or Commissioner of Customs may revoke the license if: (a) the licensee has paid all dues payable to the Central Government under the Act, rules, or regulations made thereunder; and (b) no proceedings against the licensee are pending under the Act or the rules or regulations.
Renewal of license: On an application made by the licensee in Form – I, the Principal Commissioner of Customs or Commissioner of Customs may, after satisfying himself that the applicant is otherwise eligible for grant of license under regulation 7, renew the license from the date of expiration, upon payment of a fee of fifteen thousand rupees by the Customs Broker within one month of the date of receipt of application.
SEBI RELEASES A MECHANISM FOR AMCs TO PROCESS SCHEME-RELATED APPLICATIONS
Markets regulator Sebi released a framework to encourage ease of doing business and introduce consistency to the timelines for processing scheme-related applications made by asset management firms (AMCs). If no amendments are recommended or no queries are raised by Sebi within 21 working days, the application filed by AMCs for specified topics may be presumed to be taken on record under the framework. These issues include changes to a plan’s core features, scheme mergers, close-ended scheme rollovers, and close-ended scheme conversions to open-ended schemes. Furthermore, if no revisions are offered or no inquiries are made by Sebi within 21 working days, no objection would be regarded to have been communicated.
These dates will normally be followed if the application is complete in all aspects and complies with all Sebi-issued regulations. However, in circumstances where the subject of approval necessitates a policy decision or presents a unique scenario that needs more extensive consultation and debate, the deadlines may not be met. All applications received on or after September 1 will be subject to the new framework.