Execution of Legal Undertaking (LUT) in place of Bank Guarantee (BG) for import of goods by importers who have signed production Sharing Contract (PSC) with the Government of India on re-export basis under para 5.7 (a) of EXIM Policy – Reg
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Legal undertaking (LUT) acceptance in lieu of bank guarantee enables clearance of PSC re export imports without BG insistence. Acceptance of a Legal Undertaking (LUT) in lieu of a Bank Guarantee (BG) is authorised for imports by Production Sharing Contract holders on a re export basis under the EXIM Policy. Specified petroleum operation goods are duty exempt subject to an undertaking to pay any duty, fine or penalty; essentiality certificates from the Directorate of Hydrocarbons support clearance. Customs are directed to accept LUTs and not insist on BGs for such imports, and to report any difficulties to the Board.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Legal undertaking (LUT) acceptance in lieu of bank guarantee enables clearance of PSC re export imports without BG insistence.
Acceptance of a Legal Undertaking (LUT) in lieu of a Bank Guarantee (BG) is authorised for imports by Production Sharing Contract holders on a re export basis under the EXIM Policy. Specified petroleum operation goods are duty exempt subject to an undertaking to pay any duty, fine or penalty; essentiality certificates from the Directorate of Hydrocarbons support clearance. Customs are directed to accept LUTs and not insist on BGs for such imports, and to report any difficulties to the Board.
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