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of <h1>Revised Bond and Bank Guarantee Norms: 25% Concession for Small Exporters, Physical Verification to Prevent Misuse.</h1> The circular revises norms for executing Bonds and Bank Guarantees under the Advance License and EPCG Schemes. Manufacturer exporters with exports or central excise payments of less than Rs.1 crore were initially required to file 100% Bank Guarantees, raising transaction costs. The revised guidelines now allow these manufacturers a 25% Bank Guarantee concession. The circular also mandates physical verification by Central Excise authorities to prevent misuse of the Advance License Scheme. Public Sector Undertakings are exempt from surety requirements, and the option of filing a Corporate Guarantee remains available. The circular emphasizes measures to prevent fraudulent export claims.
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