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.
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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
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The rapid growth of global economy has led to widespread international trade and this expansion in international trade has brought with it increasing possibilities of cross border insolvency proceedings.
As a destination for foreign investors, India is fast closing the gap on China to become the world's most popular investment hub. Figures released by the country's Reserve Bank in August 2008 showed that foreign direct investment in India for the first quarter of this financial year exceeded the total received in 2005/06.
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