Automatic renewal requirement for bank guarantees: guarantees must include a self renewal clause and prescribed format to be accepted. Bank guarantees submitted to the Customs House must incorporate a self renewal clause keeping the guarantee operative until its conditions are fulfilled and must follow the prescribed format specified by RBI. Importers, exporters and CHAs are responsible for ensuring guarantees remain in force until duly invoked or released; guarantees without the automatic renewal clause or correct format will not be accepted. Existing guarantees must be amended by addendum within one month of this notice.
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Provisions expressly mentioned in the judgment/order text.
Automatic renewal requirement for bank guarantees: guarantees must include a self renewal clause and prescribed format to be accepted.
Bank guarantees submitted to the Customs House must incorporate a self renewal clause keeping the guarantee operative until its conditions are fulfilled and must follow the prescribed format specified by RBI. Importers, exporters and CHAs are responsible for ensuring guarantees remain in force until duly invoked or released; guarantees without the automatic renewal clause or correct format will not be accepted. Existing guarantees must be amended by addendum within one month of this notice.
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