69th B.P.S.C. (Pre) 2023
Consider the following statements about ‘Rules of Origin’: 1. Rules of Origin are the criteria needed to determine the national source of a product. 2. Rules of Origin help the customs agencies to know what regulations and fees apply to a given product. 3. These are used for the purpose of trade statistics. 4. Their importance is derived from the fact that duties and restrictions in several cases depend upon the source of imports. Which of the above statements are correct?
aOnly 1 and 2
bOnly 3 and 4
cOnly 1, 3 and 4
dAll of the above✓ Correct
Explanation
Rules of Origin are the necessary criteria for determining the national source of a product. They help customs agencies to know which rules and which duties apply to a given product. They are used for the purpose of trade statistics. Their importance is evident from the fact that in many cases taxes and restrictions depend on the source of imports.
economic-social-development