• Home
  • Business
  • Personal Finance
  • Banking
    • Digital Payment
Thursday, April 15, 2021
No Result
View All Result
NEWSLETTER
KM Capital
  • Home
  • Business
  • Personal Finance
  • Banking
    • Digital Payment
  • Home
  • Business
  • Personal Finance
  • Banking
    • Digital Payment
No Result
View All Result
KM Capital
No Result
View All Result
Home Business

India halts Custom Clearances for Chinese Imports at the Chennai Port!

by Harita Arora
June 25, 2020
in Business
0
India halts Custom Clearances for Chinese Imports at the Chennai Port!
0
SHARES
22
VIEWS
Share on FacebookShare on Twitter

Contents

  • 1 Halting Consignments (Chinese Imports) in the Chennai Port could delay the Process of Shipment thereby affecting the Big Industries.
    • 1.1 What is a custom clearance? 
    • 1.2 Why has this step been taken?
    • 1.3 What exactly happened at the Chennai Port?
    • 1.4 Why is this issue so fragile?
    • 1.5 What could be the impact?

Halting Consignments (Chinese Imports) in the Chennai Port could delay the Process of Shipment thereby affecting the Big Industries.

The Chennai Port in India becomes the first port for halting custom clearance on Chinese goods thereby having the potential to create unrest among the big industries.

What is a custom clearance? 

The act of passing commodities with the help of customs to enter or leave the country, it is a document given by customs to a shipper to show that custom duty has been paid and the goods can be shipped. 

Why has this step been taken?

Although no official confirmation has been out yet it is speculated that it might have been held up based on Intel information and routine checks. Another theory says it is probably due to COVID 19 pandemic, that all goods must be examined and sanitized thoroughly.

What exactly happened at the Chennai Port?

The imports from China are at large affected due to the halt in clearances as 300-500 bills are cleared at Chennai customs every day. Shipments that had been stranded on the ports since Monday night, created a lot of trouble.

Goods from China would now undergo 100% checking other than the random check that was done earlier (70% of the goods would pass through the green channel with no or very low difficulty and the rest 30% were examined carefully).

This step of 100% checking would cause even more delays in the whole process. System generated checks have been started, it is still a huge and time taking process.

Why is this issue so fragile?

The major part of the shipment from China is telecom and halting could result in jamming of the industry. Companies like Lava, Oppo, Vivo, Flextronics, and Apple are also a part of the telecommunication industry, components of which are imported from China. Some components need to be packaged under certain temperatures and delay of even a day can cause a lot of disruption in the industry.

According to a report by The Indian Express, China accounts for more than 14% of India’s total imports.

What could be the impact?

These consignments have been divided into two sections: Essential and Non-Essential. This has further led to the encouragement of local goods and that to depend less on Chinese goods, the chief being non-essentials. It has been unconfirmed but known that some goods will have to be unpacked in front of the assigned person(s) for the proper examination which might further delay the process.

Pankaj Mohindroo, chairman of India Cellular & Electronics Association (ICEA) stated that manual checking is “spooking the industry as it will soil, damage the imports which are critical not just for domestic production but also for exports out of India”. 

Chennai Port is an important gateway for telecom and auto components, impact on the two industries is very likely to be seen on a negative side.

Harita Arora

Harita Arora

Next Post
Winning Records UK

Winning Records soon to start services in 10 Different Countries including INDIA - CEO Felix Ghost

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

5-best-fixed-income-option-after-retirement

5 Best Fixed Income Option After Retirement

8 months ago
Incredible Indian Web Series to release in 2021

Incredible Indian Web Series to release in 2021

3 months ago

Popular News

    Connect with us

    Newsletter

    Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aenean commodo ligula eget dolor.
    SUBSCRIBE

    Category

    • Banking
    • bollywood
    • bollywood
    • Business
    • Digital Payment
    • Economy
    • Entertainment
    • Movie
    • Personal Finance
    • Uncategorized
    • Web shows

    Site Links

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    About Us

    We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

    • About
    • Advertise
    • Careers
    • Contact

    © 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

    No Result
    View All Result
    • Home
    • Business
    • Personal Finance
    • Banking
      • Digital Payment

    © 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

    Login to your account below

    Forgotten Password?

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In