Prior information requirement enables IGCR identification and mandates a continuity bond with duty payment undertakings. Importers must submit a one-time prior declaration in Form IGCR-1 with specified particulars; on acceptance an IGCR Identification Number (IIN) is generated and the information may be updated. To claim notification benefits the importer must furnish a continuity bond with suitable surety or security and undertake to pay either the duty difference plus interest where exemptions applied, or the assessable value where the notification is not an exemption.
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Provisions expressly mentioned in the judgment/order text.
Prior information requirement enables IGCR identification and mandates a continuity bond with duty payment undertakings.
Importers must submit a one-time prior declaration in Form IGCR-1 with specified particulars; on acceptance an IGCR Identification Number (IIN) is generated and the information may be updated. To claim notification benefits the importer must furnish a continuity bond with suitable surety or security and undertake to pay either the duty difference plus interest where exemptions applied, or the assessable value where the notification is not an exemption.
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