CBEC has introduced the scheme of ‘On Site Post Clearance Audit’ or OSPCA at premises of importers and exporters’ vide Notification No. 72/2011-Cus. (NT) dated 4.10.2011. This scheme complements the legislative change resulting in self-assessment of import / export duties by importers / exporters vide the Finance Act, 2011.
OSPCA is a trade facilitation measure aimed at expediting clearances while safeguarding the interest of revenue.
[Circular No.47/2011 Cus. dated 21.10.2011]
Source: www.cbec.gov.in and www.taxindiaonline.com
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