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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Foreign Trade Policy Update: Paragraph 2.20 Now Requires Bank Guarantee or Legal Undertaking Before Customs Clearance.</h1> Amendments have been made to Paragraph 2.20 of the Handbook of Procedures under the Foreign Trade Policy 2004-2009. The revised paragraph mandates that before the clearance of goods through Customs, the authorization holder must execute a Bank Guarantee (BG) or Legal Undertaking (LUT) with the customs authorities. The Regional Authority (RA) will endorse this requirement on the license or authorization. For indigenous sourcing, the authorization holder must furnish a BG/LUT to the RA in accordance with Custom Circular No.58/2004, subject to amendments. These changes are issued in the public interest by the Director General of Foreign Trade.
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