Amending List 34A and 34B

## Report on Amendment to Customs Notification No. 50/2017-Customs **1. Executive Summary:** This report analyzes an amendment to Notification No. 50/2017-Customs, specifically Notification No. 24/2025-Customs, dated April 28, 2025. This amendment, issued by the Ministry of Finance, Department of Revenue, modifies the Annexure to the Table within the original notification by substituting Lists 34A and 34B. The core purpose of this amendment appears to be updating the list of authorized banks for a specific customs-related purpose, with the updated lists being valid from April 1, 2025, to March 31, 2026. The key finding is that the amendment introduces changes to the list of banks authorized for specific customs-related financial transactions, impacting importers and exporters who utilize these banks. **2. Introduction:** This report provides an analysis of Notification No. 24/2025-Customs, dated April 28, 2025. The purpose of this report is to inform affected industries about the specific changes introduced by this amendment to the original Customs Notification No. 50/2017. The analysis is based solely on the text provided. **3. Policy Overview:** * **Original Policy:** Customs Notification No. 50/2017-Customs, published on June 30, 2017 (G.S.R. 785E). * **Core Objective(s):** Based on the text, the objective of this amendment is to modify a specific annexure related to banking institutions authorized to conduct certain customs related activities. **4. Background and Rationale:** This amendment likely serves to update the list of banks authorized to perform specific functions related to customs transactions. The validity period (April 1, 2025, to March 31, 2026) suggests that the list of authorized banks is reviewed and updated periodically. The amendment addresses the need to keep this list current and relevant for international trade activities. The specific reasons for adding or removing particular banks are not detailed within the provided text. **5. Key Provisions / Changes:** This amendment focuses on substituting two lists within the Annexure to the Table of Notification No. 50/2017-Customs: List 34A and List 34B. * **Specific Part Changed:** The Annexure to the Table within the original Notification No. 50/2017-Customs, specifically Lists 34A and 34B and related entries. * **New Rule/Provision:** Lists 34A and 34B are replaced entirely with new lists. List 34A now includes the following banks: Axis Bank Limited, Bank of India, Federal Bank Limited, HDFC Bank Limited, Industrial and Commercial Bank of China Limited, ICICI Bank Limited, IndusInd Bank Limited, Kotak Mahindra Bank Limited, Karur Vysya Bank Limited, Punjab National Bank, RBL Bank Limited, State Bank of India, and Yes Bank Limited. List 34B includes: Indian Overseas Bank and Union Bank of India. Both Lists are effective from April 1, 2025, and valid until March 31, 2026. * **Effect of Change:** The effect of this change is to update the list of banks that are authorized for specific purposes defined in the original Notification No. 50/2017-Customs (the specifics of which are not stated in the provided text). Importers and exporters must now use banks from the updated lists (34A and 34B) for transactions covered by the original notification during the specified validity period. **6. Target Audience and Stakeholders:** The primary target audience and stakeholders for this amendment are: * **Importers and Exporters:** These parties are directly affected as they must use banks listed in List 34A and 34B for relevant customs transactions. * **Banks listed in the original and amended Lists 34A and 34B:** These banks are directly affected in their operations related to customs transactions. * **Customs Brokers and Agents:** These intermediaries need to be aware of the updated list of authorized banks to facilitate transactions for their clients. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The Ministry of Finance (Department of Revenue) is responsible for issuing and implementing this amendment. * **Timelines:** The amendment is effective from April 1, 2025, and valid until March 31, 2026. * **Specific to Changes:** Importers and exporters should ensure that they conduct relevant transactions through the banks listed in the new Lists 34A and 34B within the stated timeframe. Customs officials will likely need to verify that transactions are being conducted through authorized banks. **8. Expected Outcomes / Impact of Changes:** The intended outcome of this amendment is to ensure that customs-related financial transactions are conducted through a set of authorized and potentially vetted banking institutions. The amendment’s specific impact depends on the role these banks play in customs processes as defined by the original notification. For Importers and Exporters, the key impact of this change is that they must ensure they are transacting through banks in the updated lists to remain compliant. Failure to do so may cause delays, fines, or other penalties as defined in the original 2017 Notification. **9. Conclusion:** Notification No. 24/2025-Customs, dated April 28, 2025, amends Customs Notification No. 50/2017-Customs by updating the lists of authorized banks (Lists 34A and 34B) for a validity period between April 1, 2025, and March 31, 2026. This change is significant for importers, exporters, and banking institutions involved in customs-related financial transactions, requiring them to adhere to the updated lists. This amendment highlights the need for stakeholders to stay informed about changes in customs regulations and authorized financial institutions.

Key Entities Referenced