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of <h1>Revised Norms for Bonds and Bank Guarantees Under Advance License and EPCG Schemes Effective September 2004.</h1> The circular outlines revised norms for executing bonds and bank guarantees under the Advance License and EPCG Schemes, effective from 1st September 2004. Exporters with a turnover of at least Rs 5 crores and a good track record are exempted from furnishing a bank guarantee, allowing them to provide a legal undertaking instead. Public sector undertakings, star export houses, and certain manufacturer exporters are also exempt. The circular specifies categories of importers and corresponding bank guarantee requirements, conditions for exemptions, and procedures for filing bonds. It emphasizes monitoring compliance, maintaining records, and ensuring timely renewal of guarantees. The policy aims to streamline processes and reduce financial burdens on compliant exporters.
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