Benefits, CDG Pre Shipment Inspection (PSI) maximises dutycollections. By undertaking duty assessment in the country of export, importershave no opportunity to pressurize customs to assign lower rates. Compliancewith the World Trade Organisation (WTO) Agreement on Customs Valuation is nowmandatory for all members. Without CDG PSI, countries introducing the Agreementinvariably experience a reduction in revenue collections. CDG ensures that theAgreement is fully implemented as required by the WTO, and in a way thatmaintains duty revenue collections. Trade facilitation, inefficient Customsadministrations and the failure of importers to comply with import procedurescan both delay trade. An CDG certificate ensures rapid Customs clearance, byundertaking the necessary physical and documentary inspections before theconsignment is dispatched. CDG PSI deters capital flight in countries whereexchange controls exist by preventing deliberately inflated invoicing. This candeplete foreign exchange reserves, which can also reduce the taxable incomedeclared by multinational companies. CDG PSI significantly reduces theincidence of illegal imports, such as radioactive waste, by inspectingshipments in the country of export before dispatch. As a PSI programme takeseffect, so a vast database of vital trade information is created, which can besupplied to the Client Government in a variety of formats, as an aid toeconomic decision making and to induce confidence in donors. The Pre shipmentInspection Certificate (PSIC) is one of the mandatory documents for the importof shredded, un shredded, compressed, and loose forms of metallic waste andscrap. According to the Foreign Trade Policy of India, the importer needs tofurnish the original copy of the PSIC document for customs clearance. Due tothe prevailing lockdown for COVID 19 pandemic, the importers are facingdifficulties in furnishing the original copy of PSIC for custom clearance. Toaddress such issues, the Director General of Foreign Trade (DGFT) has videdTrade Notice No. 09.2020 20201 clarified that the scanned copy of the Pre shipmentInspection Certificate will be accepted for custom clearance and the originalcopy of the PSIC needs to be furnished to Customs within 60 days of theclearance.
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