Transcription of Lesson 5 Customs Law - ICSI
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Lesson 5 Customs Law: Part I Introduction and Basic Concepts 6 Lesson 5 Customs Law Introduction and Basic Concepts, Valuation, Assessment of Imported and Export Goods and Procedural Aspects This Lesson is divided into the following parts: I Introduction and Basic Concepts of Customs Law II Valuation, Assessment of Imported and Export Goods and Procedural Aspects LEARNING OBJECTIVES The custom duty derived its value from the word custom under which whenever a merchant entered a Kingdom with his merchandise, he had to give some gift to the king.
LIMBS OF CUSTOMS LAW Customs Act, 1962 and Customs Tariff Act, 1975 are the two limbs of Customs Law in India which must be read with rules and regulations. The rule making power is delegated to the Central Government while the regulation making power delegated to the Central Board of Excise and Customs (CBEC).
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