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of <h1>New Rules for Bank Guarantees in Export Schemes: No Recent Penalties Required for Exemption Affidavit Verification.</h1> The circular outlines revised norms for executing bank guarantees under the Advance Authorization, Duty Free Import Authorization, and Export Promotion Capital Goods Schemes. It amends previous guidelines by restoring the condition that license holders should not have been penalized in the past three financial years for offenses under Customs, Central Excise, or Service Tax laws. Importers seeking exemption from furnishing bank guarantees must provide an affidavit confirming compliance with these criteria. The affidavit's accuracy will be verified randomly by customs officials. Other conditions from the original circular remain unchanged, and any implementation issues should be reported to the customs office.
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