On 1 February, 2017, India's Finance Minister Arun Jaitley
introduced the Finance Bill, 2017 (the "Bill"). The Bill
adds the concept of "beneficial owner" to the Customs
Act, 1962, stating that "beneficial owner means any person on
whose behalf the goods are being imported or exported or who
exercises effective control over the goods being imported or
More critically, the Bill amends the definitions of
"importer" and "exporter" to include
"beneficial owner". These changes will be effective upon
the passing of the Bill through Parliament which should happen in
early April 2017.
In this article we highlight some of the changes introduced
under the Finance Bill, 2017, and the relevant definitions and
sections of the Customs Act that will be impacted.
Mayer Brown is a global legal services organization
comprising legal practices that are separate entities (the Mayer
Brown Practices). The Mayer Brown Practices are: Mayer Brown LLP, a
limited liability partnership established in the United States;
Mayer Brown International LLP, a limited liability partnership
incorporated in England and Wales; Mayer Brown JSM, a Hong Kong
partnership, and its associated entities in Asia; and Tauil &
Chequer Advogados, a Brazilian law partnership with which Mayer
Brown is associated. "Mayer Brown" and the Mayer Brown
logo are the trademarks of the Mayer Brown Practices in their
This article provides information and comments on legal
issues and developments of interest. The foregoing is not a
comprehensive treatment of the subject matter covered and is not
intended to provide legal advice. Readers should seek specific
legal advice before taking any action with respect to the matters
discussed herein. Please also read the JSM legal publications
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The Amendment of Rule 76 of the SEZ Rules, 1976 on January 3, 2017 to allow Law and Accountancy Firms to set up shops in SEZs, though short in content, is arguably big on implications for domestic and foreign Law Firms.
The imminent exit of the UK from the EU will not only create political and economic instability that could impact economies globally, but also heighten the insecurity of investors including Indian corporations investing in the UK and EU.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).