Bank Managing Director and Chief Executive Officer B Ramesh Babu said that through the ICEGATE platform, customers can pay customs duty directly by opting for the KVB option. Custom House Brokers, Exporters and Importers, Shipping Line Agents, Transporters, Ports, ICDs, CFSs will pay the customs duty through the online portal through Net Banking.
Custom duty is levied on imported or exported products. These types of tariffs are levied on products coming to India from abroad. Through these the revenue comes to the country. Also, due to high customs duty, domestic production is likely to increase. Customs duty varies on a product-by-product basis. Karur Vaishya Bank has recently slashed its benchmark prime lending rate. This reduced the rate to 12.75 per cent. Imposed a cut of 0.25 per cent. The base rate also declined by 0.25 per cent to 7.75 per cent. This rate came into effect from December 15. Last week, ICICI Bank, a private sector bank, also introduced a customs duty payment facility for its customers.