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of <h1>Directorate General of Foreign Trade Clarifies Bank Guarantee Requirements for EPCG Licences; Licensing Authorities Must Follow Customs Guidelines.</h1> The circular from the Directorate General of Foreign Trade addresses the execution of Bank Guarantees (BG) or Legal Undertakings (LUT) concerning EPCG Licences. It clarifies that the requirement for BG/LUT should be fulfilled with Customs Authorities as per their guidelines, without additional conditions imposed by licensing authorities. The circular responds to concerns about some authorities requiring a 100% BG for EPCG licences. It instructs that licensing authorities should not dictate the BG amount but ensure compliance with the Export and Import Policy, 1997-2002, specifically para 4.19, with Customs before goods clearance.
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