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of <h1>New Circular Eases Bank Guarantee Rules for Advance License & EPCG; Customs Can Waive 100% Requirement if No Revenue Risk.</h1> The circular addresses the norms for executing bank guarantees under the Advance License and Export Promotion Capital Goods (EPCG) Schemes. It refers to previous Circular No. 58/2004-Customs and its amendments, which stipulate conditions for bank guarantee exemptions. A key condition is that license holders should not have been penalized in the past three years; otherwise, a 100% bank guarantee is required. To address trade facilitation concerns, a new sub-paragraph allows the jurisdictional Commissioner of Customs to waive the 100% bank guarantee requirement if there is no revenue risk. The circular instructs that these changes be communicated to relevant parties.
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