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India to Introduce "Beneficial Owner" Concept in Customs Law

14 February 2017
Mayer Brown Consulting (Singapore) Article

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 exported".

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.

Authors

  • Anthony Kerr
    Senior Director, Mayer Brown Consulting
    T +65 6327 0638

Related People

  • Cecil Leong
    Chief Executive Officer, Asia Pacific, Mayer Brown Consulting
    T +65 6327 0254
  • Chian Voen Wong
    Director, Mayer Brown Consulting
    T +65 6327 0639
  • Sydney H. Mintzer
    T +1 202 263 3866
  • Paulette Vander Schueren
    T +32 2 551 5950
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