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of <h1>Amended Guidelines: EOUs' Bank Guarantee Waiver Maintained Despite Procedural Violations, Unless Fraud or Willful Misstatements Occur.</h1> The circular amends previous guidelines regarding the waiver of bank guarantees for 100% Export Oriented Units (EOUs) under the Foreign Trade Policy. Initially, EOUs with a turnover of at least Rs. 5 crores, existing for three years, and having an unblemished track record were exempt from furnishing bank guarantees. The amendment clarifies that EOUs will not be denied this exemption for procedural violations, such as receiving show cause notices, unless the violations involve fraud, collusion, or willful misstatements. The circular modifies previous instructions and mandates wide dissemination of these changes.
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