Budget 2024 decoded: Imports under FTAs made easy with self-certification

In a step to streamline imports under Free Trade Agreements (FTA), the Indian government has proposed accepting self-certification to prove the origin of goods, replacing the requirement of a certificate of origin. This change was proposed through an amendment in the Customs Act in the FY25 Budget, aiming to update the language from "certificate" to "proof" of origin, thereby aligning with modern trade agreements that support self-certification. Revenue Secretary Sanjay Malhotra highlighted that...