Risk Management System (RMS)

What is RMS in import?

 

Risk Management System (RMS) as a measure of trade facilitation and for selective screening of only high risk cargo for customs examination. Such systems provide a special customs clearance procedure for authorized persons who have good track record and meet specified criteria identified by the Customs.

The typical methodologies of import customs clearance do not work in global security scenario after globalization of trade. RMS is a great change in traditional approach of import customs clearance procedures like scrutinizing each document, examining every consignment etc. This strategy enormously beneficial as it minimize dwell time and reduce the transaction costs hence increase the competitiveness of businesses, by accelerating the process of cargo clearance where compliance is high.

In Risk Management System – RMS, obligation of filing correct declaration is with the importer. This facility is introduced where Electronic Data Interchange (EDI) is available. The importer can assess the value by classifying and entering details of chapter, benefits, value etc. No assessment or inspection is carried out under this system. This method of clearance is under Risk Management System (RMS).  If the importer filed wrong entry in Risk Management System, re-assessment and inspection are carried out at later stage, sometimes even after customs clearance at customs station or at importer’s premises depends up on the nature of audit.

 

 

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