ATA Carnet helps entrepreneurs to temporarily take goods abroad with custom duty, 08 May 2013
LUCKNOW: Minister of state for Export Promotion and Small Scale Industries, Bhagwat Saran said that entrepreneurs and businessmen who have business interests abroad should avail the ATA Carnet system which is like a visa for temporary export or imports. It is especially useful for traders, event organisers and businessmen who want to take expensive goods and products abroad to showcase it to potential customers and after some time bring back the goods or equipment to India, he said.
Senior Director, FICCI, Nirankar Saxena, said that many entrepreneurs or traders who are not aware of the system end up paying customs and duties twice, once when they take their product abroad which is treated as an export when the product is only meant to be showcased, and then again when they bring it back to India which is treated as an import.
He said that ATA Carnet is a temporary admission document which simplifies the custom procedures and clearances in a foreign country without paying duty or a bank guarantee for temporary import into that country. "Like a passport for goods, ATA Carnet allows for the goods to enter any of the participating countries for upto one year. An ATA Carnet holder can avoid customs declaration and can do away with security deposit or guarantees in the country of import" he said.
It is useful for those holding trade fairs, shows, exhibitions etc. At present 72 countries recognize ATA Carnet including India, Australia, Canada, France, UAE, UK and USA.
Deputy Director FICCI S Vijaylakshmi said that those availing ATA Carnet facility are not allowed to sell the particular items abroad but only to keep it abroad for a year and then bring it back to the country. In India, FICCI is the sole issuer of ATA Carnet certification.
Nirankar Saxena said that they intend to popularise this facility among businessmen as many are now looking at exporting their products but do not know of this facility.