Bank Guarantee and Legal Undertaking rules clarified: category based BG/LUT requirements and corporate guarantee option established. Certification requirements for installation and spares are relaxed to permit certificates from the jurisdictional excise authority or an independent chartered engineer. The licence undertaking now requires refund of customs duty with interest where imports lack nexus with export product. Bank guarantee/LUT obligations are set by exporter category, with status holders/PSUs eligible for LUT, risk based BG requirements for others, provisions for nil excise duty procurement, validity/extension rules, retrospective BG exemption, and an option for corporate guarantees in lieu of BG/LUT.
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Provisions expressly mentioned in the judgment/order text.
Bank Guarantee and Legal Undertaking rules clarified: category based BG/LUT requirements and corporate guarantee option established.
Certification requirements for installation and spares are relaxed to permit certificates from the jurisdictional excise authority or an independent chartered engineer. The licence undertaking now requires refund of customs duty with interest where imports lack nexus with export product. Bank guarantee/LUT obligations are set by exporter category, with status holders/PSUs eligible for LUT, risk based BG requirements for others, provisions for nil excise duty procurement, validity/extension rules, retrospective BG exemption, and an option for corporate guarantees in lieu of BG/LUT.
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