India Requiring ID Verification for First-Time Traders, Brokers
India is now requiring first-time importers, exporters and customs brokers to officially verify their identities with the government, the Hong Kong Trade Development Council reported May 3. All traders and brokers must “complete the process of verification” within 30 days…
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of “first “engaging in import/export activity,” HKTDC said, which likely includes providing customs authorities with bank statements, company incorporation documents and “other proofs of a satisfactory financial standing.” The country may fine traders who don’t comply and revoke their “specified customs benefits.”