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Customs Act.1962, Liberalization in Nineteens

The Customs Act of 1962 is an important piece of legislation in India that governs the levy and collection of customs duties on goods imported into and exported out of the country. The Act lays down the rules and regulations for customs procedures, valuation of goods, classification of goods, and various other aspects of customs administration.

In the 1990s, India underwent a period of economic liberalization and globalization, which led to significant changes in the country’s customs policies and procedures. The government of India began to reduce tariffs and trade barriers, and to promote free trade and foreign investment. This was in response to the changing global economic environment and the need to compete with other countries in the global marketplace.

As part of the liberalization process, India began to adopt more transparent and streamlined customs procedures, with a focus on reducing the time and cost of customs clearance. The government also introduced a number of initiatives to promote exports and attract foreign investment, such as export promotion zones, special economic zones, and duty-free import of capital goods.

In addition, the government began to negotiate and sign free trade agreements with other countries and regions, such as the South Asian Free Trade Area (SAFTA) and the ASEAN-India Free Trade Area (AIFTA). These agreements have helped to reduce trade barriers and promote trade and investment between India and its trading partners.

Overall, the liberalization of the Indian economy in the 1990s has had a significant impact on the country’s customs policies and procedures. The government’s focus on reducing trade barriers, promoting exports, and attracting foreign investment has helped to boost India’s international trade and competitiveness, and has led to a more open and transparent customs regime. The Customs Act of 1962 continues to play an important role in governing India’s customs administration, and is regularly updated to reflect changes in the global economic environment and India’s trade policies.