New customs regulations for conversion of Shipping bill has been notified. The highlight of the scheme is as under,
- New regulation will be applicable for the shipping bills / bills of export filed on or after the date of notification i.e. 22nd Feb 2022.
- Conversion can be applied within period of 1 year from the let export date (LEO).
- The jurisdictional Commissioner of Customs can extend the period of 1 year by another 6 months subject to justifiable reason.
- The jurisdictional Chief Commissioner of Customs can further extend the period of by another 6 months after 1.5 years subject to justifiable reason.
- Further conditions are specified in relation to conversion of shipping bill.
Notification No 11/2022-Customs (N.T), Dated: February 22, 2022