Duty-free import exemption for oil exploration - transfers between eligible projects allowed with safeguards and no re-export bond. Clarification permits transfer of imported goods between eligible oil exploration projects under notification No.12/2012-Customs subject to safeguards; execution of a re-export bond at clearance is not required, only an undertaking; individual constituents of a consortium may import if named as importer on the Essentiality Certificate issued by DG, Hydrocarbons; non-mention of a sub-contractor in the original GOI-contractor agreement does not bar exemption if the EC names the sub-contractor and bona fides are established.
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Duty-free import exemption for oil exploration - transfers between eligible projects allowed with safeguards and no re-export bond.
Clarification permits transfer of imported goods between eligible oil exploration projects under notification No.12/2012-Customs subject to safeguards; execution of a re-export bond at clearance is not required, only an undertaking; individual constituents of a consortium may import if named as importer on the Essentiality Certificate issued by DG, Hydrocarbons; non-mention of a sub-contractor in the original GOI-contractor agreement does not bar exemption if the EC names the sub-contractor and bona fides are established.
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