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of <h1>New Circular Tightens Bond & Bank Guarantee Rules for Advance License & EPCG Schemes to Prevent Frauds.</h1> The circular revises norms for executing Bonds and Bank Guarantees (BG) under the Advance License and EPCG Schemes due to reported frauds. It mandates that importers provide bonds covering duty exemptions, with surety in the form of BG or cash security. BG exemptions apply to certain recognized trading houses and exporters, contingent on their compliance with export obligations and regulatory history. Conditions for BG exemptions include no past defaults, submission of export performance certificates, and no penalties under relevant laws. The circular also allows joint bonds for subsidiaries of recognized companies and outlines responsibilities for ensuring compliance and BG renewals.
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