The Modi government has spooked industry by placing a gag on the publication of unverified export and import transactions. The clampdown on the dissemination of details pertaining to the quantity and value of individual export and import items has been done through a new provision in the Finance Bill 2022 that was tabled along with the latest budget.
Against this backdrop, Gopal Krishna Mundhra, Partner at Economic Laws Practice (ELP) has been quoted in The Telegraph in their article titled ‘Modi government gags flow of export-import data’. He says, “The intention behind introducing such a provision is to protect the confidential import and export data of Indian importers/exporters. In the customs portal, the data relating to export and import can be extracted on the basis of HSN code or Importer Exporter Code (IEC) through a click of a button by customs officers. At times, such data could be leaked through middlemen and monetized in the market”.
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