Maintaining five-year record of international trade mandatory under Customs Act

KARACHI: Importers, exporters and other stakeholders related to international trade are required to maintain transactions record for at least past five years.
According to Customs Act, 1969 the stakeholders of international trade are required to maintain record under the following section:
Section 211: Maintenance of record
Sub-Section (1): All importers, exporters and claimants of duty drawback, refunds or any notified concessions, terminal operators, owners of the warehouses, customs agents and the licensed customs bonded carriers, transport operators and tracking companies, carrying out business under this Act or rules made thereunder or under any other law, directly or indirectly, relating to international trade, shall be required to maintain and keep records and correspondence concerning import, export and transit trade transactions.
Sub-Section (2) The records required under sub-section (1) shall be kept for a period not less than five years in such form as the Board may by notification in the official gazette, specify.
Sub-Section (3): The provision of sub-section (1) shall not be applicable to the baggage of the passengers and crew of the conveyance and to the recipients of gifts.

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