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of <h1>Importers with PSCs Can Use LUT Instead of Bank Guarantee for Re-export Goods Per EXIM Policy Para 5.7(a.</h1> The circular from the Central Board of Excise & Customs allows importers with a Production Sharing Contract (PSC) with the Government of India to use a Legal Undertaking (LUT) instead of a Bank Guarantee (BG) for importing goods on a re-export basis under para 5.7(a) of the EXIM Policy. This decision follows the Ministry of Petroleum & Natural Gas's recommendation, as goods required for petroleum operations are exempt from customs duties if an undertaking is provided. Custom Houses are instructed to accept LUTs for clearance, eliminating the need for BGs, and any issues should be reported to the Board.
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